Barloworld forecasts positive growth ahead

JOHANNESBURG – South African industrial group Barloworld expects positive growth in the year ahead and is making progress on targeted disposals, the company said yesterday.

Barloworld Chairman Warren Clewlow said in a statement to the company’s annual general meeting that nothing had changed since he forecast “further positive growth in the year that lies ahead” in the company’s annual report. The company also said it was making progress in disposing of “certain interests that no longer fit the future group profile”, which it said had already been announced, but did not give details.Clewlow said demand for cement had exceeded expectations in the first quarter of the company’s financial year and that its PPC cement unit would continue to contribute positively to the group.But higher volumes at Barloworld’s equipment business during the quarter would be offset by negative currency effects if the rand reamins at current levels.He said Barloworld’s car dealerships were enjoying brisk business but its car rental business has been hit by weaker rental rates.-Nampa-ReutersThe company also said it was making progress in disposing of “certain interests that no longer fit the future group profile”, which it said had already been announced, but did not give details.Clewlow said demand for cement had exceeded expectations in the first quarter of the company’s financial year and that its PPC cement unit would continue to contribute positively to the group.But higher volumes at Barloworld’s equipment business during the quarter would be offset by negative currency effects if the rand reamins at current levels.He said Barloworld’s car dealerships were enjoying brisk business but its car rental business has been hit by weaker rental rates.-Nampa-Reuters