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 2008-05-22 Brambles says ten-month sales up 13%


Brambles Ltd says sales have risen 13 per cent over the past 10 months after strong growth across all regions of the group.

The world's largest supplier of pallets said on Monday that sales for the 10 months to May 2, climbed 13 per cent - or six per cent higher on a constant currency basis - than the prior corresponding period.

Brambles released the information under a requirement - as the company is also listed on the London stock exchange, to provide an interim management statement by Monday, May 19.

The company did not provide a reason for the increase in sales revenue and Brambles spokesperson Michael Sharp was unavailable for comment.

Brambles said the brief statement does "not include all the matters that are included in Brambles' normal trading update", which it would provide to the market on June 24.

The pallet supplier added that since releasing its 2008 half year results on February 21, "Brambles has bought back 29.2 million shares for a total consideration of $279.9 million".

Last month, investors stripped $1.44 billion from the company's worth after news that its major US customer, retail giant Wal-Mart, was reviewing its pallet arrangements with the logistics firm.

The panic prompted Brambles boss Mike Ihlein to issue a clarifying statement that sales revenue from the Brambles-owned CHEP business is generated from manufacturers and suppliers in connection with deliveries to retailers, such as Wal-Mart.

Mr Ihlein added that CHEP does not generate sales revenue from Wal-Mart itself and that discussions with Wal-Mart have no impact on CHEP's issue volumes or sales revenue.

Brambles shares put on 10 cents to close at $9.01 on Monday.


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