Brambles Ltd, the top pallet supplier in the world, announced that its revenue for the third quarter grew slightly by comparing to the same quarter last year. However, the pallet supplier also said that its revenue was reported down by 1% for the first nine months of the fiscal ended March 31, 2010. Brambles remained stuck with its previous full year guidance and said it expects flat full year revenues.
Brambles said in a market update that the revenue was reported up by 1% in the third quarter ended March 31, 2010. The company said that sales revenue for the nine months to March was reported down by 1% comparing to the same period last year.
Brambles said that the decreased sales revenue for the nine months period was mainly attributable to the slow rate of economic recovery in major operating markets such as the US, UK and Spain. The company said that the loss of business at its CHEP USA was also the reason for the declined revenue in the period.
The sales revenue for its CHEP US business was reported down by 4% in the nine months period comparing to the previous corresponding period. However, Brambles said that it expects sales for fiscal 2010 to be flat. The company said that it is in a strong financial position and will continue to focus on pursuing profitable growth opportunities.
"The company remains well placed to benefit from broad-based recovery when it occurs and continues to focus on pursuing profitable growth opportunities," said Mr. Tom Gorman, chief executive of Brambles.