Toll reports 18% sales revenue increase for the year ended June 30, 2011

Toll Group has reported sales revenue of A$8.2bn for the year ended June 30, 2011, up 18% on the prior year. Total operating profit (EBIT) was A$436m, up 7%. Net profit after tax was A$295m, up 4%.

Commenting on the result, Paul Little, Managing Director of Toll said: "This is a very credible result for Toll in what has been a very challenging global economic environment. We have continued to make good progress in growing our range of businesses despite the weak conditions affecting a number of our operations. We have benefited from both acquisitions and organic growth, while also being affected by macro-economic conditions.

"Toll Global Resources has made great progress in the past year, although second half earnings were depressed by weather related issues across a number of its businesses. Growth opportunities arising from both the mining and oil and gas sectors are very encouraging with a number of key contract wins to support long term earnings growth. The acquisition of Mitchells in Western Australia provides another avenue to participate in growth in the Mining sector.

"Toll Global Logistics saw revenue growth with excellent results from its Australian businesses in2store and Contract Logistics, and its South/Southeast Asian region. Reduced special project work from the Singapore Government contracts and the sale of Pacorini Toll negatively affected comparisons to the prior year.

"Toll Global Forwarding has continued to follow its strategic growth path, having completed a number of bolt-on acquisitions during the year. Despite global market conditions remaining challenging, good growth in revenue was achieved, including 5% organic growth. Investment to increase our management capability to underpin future growth has negatively impacted the performance of the business in the short term as it is positioning itself for its targeted scale. The roll out of new IT systems currently underway will enhance service levels and improve yield."

"Toll Global Express had an excellent result in Australia with Toll Priority and Toll IPEC both performing very well. Underlying earnings at Footwork Express in Japan was a small loss, with its reported earnings boosted by a number of one off gains.

"Toll Domestic Forwarding increased revenue despite the negative effect of natural disasters together with the closure of the PaperlinX paper mills in Tasmania and the associated loss of volume for the high fixed cost Toll Shipping business. Strong cost control partially offset the earnings impact of these events.

"Toll Specialised and Domestic Freight had a strong result despite weather disruptions. Toll Transitions saw the benefit of the increased scope of work with the Australian Department of Defence and Toll NQX capitalised on its exposure to the resources sector.

"Overall, the Group generated operating cash flow of A$651m, and invested A$507m in capital expenditure, including A$89m on the TOPS redevelopment in Singapore. In addition, we invested A$328m in expanding the Group through acquisition.

"The outlook is challenging to predict, although generally we would say that conditions look to have stabilised, at least for Toll. We will continue to focus on our strategic growth path, achieving the necessary scale in Toll Global Forwarding, incrementally improving the performance of Footwork Express in Japan and continuing to grow our exposure to the strong resources sector. We have a strong competitive position in the Australian market, which we remain focussed on, while also increasing our involvement in the logistics tasks associated with the fast growing online sector of the retail market."

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