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 user 2005-05-27 at 12:37:00 pm Views: 49
  • #9686
    Corporate 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
    $70 million.

    “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