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Although InterBulk Group reported much lower interim profits, the figure was still higher than the second half of the previous financial year.
The bulk transportation services provider reported an improvement in revenues from £116.9m to £126.3m in the six months to March 2010. Underlying profit fell from £3.4m to £662,000 but that was better than the loss reported in the six months to September 2009.
InterBulk expects the market to improve further in the second half. Longer-term growth will come from China and India.
House broker Arden forecasts a fall in full year profit from £3.3m to £1m in the year to September 2010 and then a recovery to £2.8m the following year.
There was a fall in net debt at the interim stage thanks to foreign exchange movements and the high depreciation charges. Arden expects the year end net debt to fall from £118m to £115m. The interest payments will still be well covered by cash generated.
Hoyer GmbH Internationale Fachspedition has built up a 23.2% stake in InterBulk. Hamburg-based Hoyer is a family company that specialises in logistics services. It also has operations in bulk logistics that have customers in the chemical, food and oil sectors so there is some overlap in the two businesses.
At 5.75p a share, InterBulk is valued at £17.4m.
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