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InterBulk Group

  • BY: Andrew Hore |
  • POSTED: 14/06/2011 |

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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