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Cargo Carriers show good growth

3 Nov 2010

JSE listed Cargo Carriers shows revenue is up 18% with headline earnings growth of 19.3% in its interim results released 1 November 2010. The results point to a strong full-year performance and, given the sluggish economic environment and relatively low inflation effect, is a good performance.

The group has released news of business gains over the past months that point to significant increases in the period under review. It expects full-year turnover growth will be boosted beyond these numbers by another six months of this new business. Start-up costs for this new business have been largely accounted for the period under review. Margins for the full year should improve as these costs are amortised over the full fiscal.

Further evidence of this growth is to be found in the balance sheet where the company has made its biggest investment yet in tangible assets, with a further R112 million invested in trucks, trailers and an extended branch network in the past six months.

"Our decision early in the decade to move from a geographic to an industry focus has improved our ability to deliver a meaningful and competitive service to customers. This strategic decision and our continually improving BBBEE and safety, health, environment and quality scores have made it easier for our marketing and sales teams to succeed in the marketplace," says Murray Bolton, joint CEO.