Barloworld does well in difficult mining circumstances
BARLOWORLD saw headline earnings per share shoot up 26% in the year to the end of September, despite a wobbly global mining sector and South Africa’s construction industry still largely being stagnant.The equipment division’s results were boosted by the recent acquisitions of the Bucyrus distribution businesses in southern Africa and Russia. These businesses performed ahead of expectations, even as global mining companies reduced capital expenditure.The supplier of heavy earth-moving and power systems is also an integrated rental, fleet management, product support and logistics solutions provider.The maintenance and service functions across its diverse business units means that despite external market conditions, annuity income continues to stream in."The automotive and logistics division delivered a strong result with all business units performing well ahead of the prior year," CEO Clive Thomson said on Monday. "We continued our strategy of allocating capital to higher returning bu...
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