Lonrho plans for an expansion

Lonrho, the pan-African conglomerate, said yesterday it had made good progress in the third quarter of the year, despite the global recession. Turnover for the first nine months of the year was £60m, up 44 per cent on a like-for-like basis, but net assets fell to £82.6m from £86.1m. Pre-tax losses were cut from £15.9m for the first nine months of the previous year to £3.9m this time around. The giant group plans to expand its agricultural logistics business Rollex and its airline, fly540 .