Lonrho: Results for the year ended 30 September 2008

30 March 2009
Content from a Premium Partner
Lonrho (London)
press release

Lonrho (AIM: LONR), the conglomerate with a structured portfolio of African investments, is pleased to publish its full results for the year ended 30 September 2008.

Lonrho has continued to develop its investments in infrastructure, transport, agriculture, support services, hotels and natural resources. Having established a solid platform through these investments, Lonrho's primary objective is to create value through expanding these businesses and enhancing their profitability and growth potential.

Financial Review

With the exception of the investment in SAIL's, the financial results remain in line with the Company's expectations. The year has been instrumental in demonstrating the effectiveness of Lonrho's investment strategy, with all of the Companies businesses contributing towards a considerable increase in Lonrho's turnover.

Turnover increased by 284% to £43.0m(up from £11.2m in 2007)

Net assets increased to £69.7m (up from £ 42.7m in 2007)

Loss after tax of £41.0m (2007: £17.4m) largely related to the closure of SAILS (£33.0m)

Attributable loss to Lonrho's equity shareholders of £33.3m (2007: £15.5m)

David Lenigas, Executive Chairman of Lonrho commented:

"It is nearly three years since shareholders took the decision to rebuild Lonrho into an African conglomerate. I am pleased to report that, in that time, your company has made significant progress. In the process, there have been highs and lows, but the overall results for the first three years of implementing the new shareholders mandate are tremendously encouraging.

"Lonrho has set in place strong foundations for the continued growth of the Group and has attracted the essential experienced management teams and executives to ensure that its plans are delivered.

We believe that Africaremains a strong emerging market. By being selective in the sectors that Lonrho enters and the countries in which Lonrho operates it is possible to minimise risk exposure whilst maximising the growth and return opportunities for the Group. Some of Africa's economies, such asAngola,MozambiqueandEquatorial Guineaare delivering substantial economic development and growth,

"Lonrho has delivered on a series of businesses that are expanding their core operations as planned to become pan-African. We expect to see continued strong growth across the portfolio during the coming year as each of the businesses expands."

LONRHO ENQUIRIES

LonrhoPlc +44(0)2070165105

DavidLenigas,Executive Chairman +44(0)7881825378

Geoffrey White, Chief Executive Officer +44 (0)7717 307 308

David Armstrong, Finance Director +44(0)7833 054 693

Pelham PR

CharlesVivian+44(0)207337 1538,+44(0)7977297903

James MacFarlane +44(0)207337 1527

Collins Stewart Europe : NOMAD to Lonrho

Hugh Field +44(0)7841 672831, +44 (0) 20 7523 8350

Read the original article on Lonrho.

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