2005-05-27 at 12:37:00 pm #9686Corporate Express on track for profit
Office Products and services supplier Corporate Express Australia Ltd is
expecting a net profit within market analysts’ expectations of $59 million to
“Based on results to date and adjustments to IFRS (International Financial
Reporting Standards), and the recently-completed off-market share buyback, and
excluding any significant changes in the general economic environment, the
company’s expectation for 2005 net profit after tax is currently within the
range of the analysts’ estimates which it understands to be $59 million to $70
million annual net profit after tax,” managing director Grant Harrod said in an
address to the company’s annual general meeting.
Corporate Express, which supplies everything from photocopier toner to coffee
and toilet paper, booked a record net profit of $58.2 million for the year to
December 31, 2004.
Mr Harrod told shareholders that the company was continuing to roll out its
“single source” product range models and continuing to expand its numbers of
small and medium-sized customers.
“We will look to add a new specialty product category in the upcoming year
which will further demonstrate the value of our business model and provide
additional growth opportunities to the business,” Mr Harrod said.
Corporate Express shares were 10 cents higher at $5.55 at 1122