Robotics Push Lifts Brambles
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Brambles shares rose 2.4% yesterday yesterday to $9.90 at the close, as the market took on board the investor day briefing held late last week.
That took the rise in the shares in the past 10 days to 7%, although they are still down 1.7% year to date.
That's equal to the fall of the same size in the ASX 200 since the start of 2018.
Brambles was upgraded to outperform at Credit Suisse on Friday, a day after the logistics firm held an investor day in London, headed by chief executive Graham Chipchase and several of his top executives.
At the investor day, Brambles revealed it will spend $US300 million over the next three years aggressively accelerating the levels of automation and robotics in its plants.
Some two-thirds of the funds are earmarked for 50 facilities in the United States.
Brambles on February 19 announced a bottom-line net profit after tax of $US447.2 million for the first half of 2017-18.
Total sales revenue for the first half was up 9% to $US2.75 billion.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.