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Lonrho forecasts full-year loss
African conglomerate Lonrho said this morning it will post a net operating loss for the full year due to contract delays.
The conglomerate, which has interests across agriculture, infrastructure, support services and hotels, said it expects to report a net operating loss of between £3m and £5m for 2012.
“The shortfalls have largely reflected delays in the timing of delivery of major contract or project implementation delays and not any weakness in the underlying business models, which remain very positive,” said chief executive Geoffrey White.
Revenue in the fourth quarter rose 34.3 per cent to £46.2m, up from £34.4m over the same period in 2011.