Intermodal transport equipment and services provider InterBulk Group reported a 16% rise in first half revenues and a recovery in profit due to lower interest charges.
Revenues grew from £126.3m to £146.2m in the six months to March 2011. Operating profit edged ahead but margins declined. The bulk of the underlying pre-tax profit improvement from £662,000 to £2.11m was due to lower interest charges. Earnings per share trebled to 0.51p.
The liquid bulk transport operations improved their contribution but dry bulk made a lower contribution due to cost pressures.
Shareholders have agreed to the £18.15m cash injection at 11p a share from Chinese transport group Sinotrans. This will help to reduce interest charges by a further £2.8m a year. The German authorities still have to give their blessing to the investment before the shares can be issued. A decision should be made in the next few weeks.
Net debt was £106.5m at the end of March 2011 but pro forma debt, after the placing, would be £89.1m.
At 8.38p a share, up 0.25p, InterBulk is valued at £25.4m.
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