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Business Description: Brambles Limited (BXB) provides pallet and container pooling solutions through the CHEP and IFCO brands as well as information management solutions through the 'Recall brand in more than 50 countries.
Strategy Analysis: BXB's strategy to boost financial performance in its CHEP business is to achieve scale efficiencies to boost its cost advantage over competitors. Organic growth opportunities are present for CHEP in existing markets with growth in new segments identified. Expansion through growth in new geographies sees BXB intending to intensify the focus on areas of growth throughout the US, such as home improvement, food services and office supplies. Opportunities in Central and Eastern Europe and the Middle East highlight prospective customers for pallet and container pooling businesses with the establishment of the CHEP business in China opening up new markets. New business expansion through the acquisition of related superior supply chain businesses will be focused on adding expertise, capabilities and achieving operating leverage for CHEP. The reusable plastic crate business is focusing on growth in emerging regions such as Eastern and Central Europe and also on the conversion of retailers from disposable solutions. The small containers business is also earmarked for strong growth.
Brambles reported NPAT up 26% to US$302.5m for the half-year ended 31 December 2012. Revenues from ordinary activities were US$2.89bn, up 4% from the same period last year. Constant currency growth was 6%, as a result of new business wins in all operating segments, increases in like-for-like organic volumes in Pallets and RPCs, and modest pricing growth in Pallets. The total contribution in the period from net new business wins was US$81.0m or 3 percentage points of the constant currency sales growth. Diluted EPS was 19.5 US cents compared to 16.1 US cents last year. Net operating cash flow was US$605.1m compared to US$406.9m last year. The interim dividend declared was 13.5 AU cents compared with 13.0 AU cents last year.
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