David Lenigas
Executive Chairman
30 March 2009
It is nearly three years since shareholders took the decision to rebuild Lonrho into an African conglomerate. I am pleased to report that, in that time, your company has made significant progress. In the process, there have been highs and lows, but the overall results for the first three years of implementing the new shareholders' mandate are tremendously encouraging.
Turnover has grown significantly year on year as the Group has invested in a strong profile of business opportunities across the Continent. Although the loss for the year was £41.0 million, this included £34.4 million in respect of discontinued activities, mainly relating to the shipping division (£33.0 million) which was placed into liquidation shortly after the year end. We were generally satisfied with the progress made by our other investments which were in line with expectation. Further details of the financial results are given in the Chief Executive's review.
Lonrho has set in place strong foundations for the continued growth of the Group and has attracted the experienced management teams and executives essential to ensure that its plans are delivered.
The Group has established clearly defined investment parameters, but more importantly, has the experience and knowledge to monitor and support its investments and to aid and facilitate their growth.
A conglomerate is the best way to invest in Africa, and over the past three years the Group has grown from owning a single hotel in Mozambique to operating in seventeen countries across Africa. This geographical diversity not only opens up the pan-African business opportunities that are our objective, but also spreads country and political risk for shareholders
- BRIEF-Lonrho says expects to see continued strong growth - AFX(Mon, 30 Mar)
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