Lonrho – 6p

28 March 2013 – annual results

After the recent share price weakness, the African-based group Lonrho has revealed its 2012 results which have re-assured investors.  Strong revenue growth was repoorted for 2012 with the final quarter being very strong despite some sales that were expected during the period being pushed into the current year.  Although the group was loss-making last year, 2012 was a transformational year for the group as it restructured its operations to focus on the core agriculture and oil and gas markets which are growing rapidly.  Seven of the world’s ten fastest growing economies are in Africa and the group is well placed to benefit from this growth going forward.  We maintain our recommendation of BUY.

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