Revenue jumps at Lonrho

Revenue at African conglomerate Lonrho jumped 14.4 per cent to £43.6m in the third quarter, up from £38m over the same period last year. Export demand from Europe was weaker over the period, but was offset by stronger volumes to the US, ASEAN and Chinese markets. The agribusiness division contributed 65 per cent of the group’s revenue over the third quarter, with sales coming in at £28.5m over the period. Meanwhile, Lonrho said that African carrier FastJet, in which it holds a 65.8 per cent stake, is working towards the launch of the first branded FastJet fleet at the end of November, with Tanzania as the initial hub. Passenger numbers have jumped 31 per cent to almost 171,000 over the quarter.