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Li & Fung reports robust growth in 2007

27
Mar '08
Hong Kong-based global consumer goods exporter Li & Fung Limited announced strong annual results for 2007, well-exceeding the 2005-2007 Three-Year Plan target.

At the same time, the Company announced its new 2008-2010 Three-Year Plan target of achieving a turnover of US$20 billion and a core operating profit of US$1 billion by 2010.

For the year ended 31 December 2007, the Group's turnover was HK$92,460 million (US$11,854 million), 36% higher than 2006, reflecting the largest turnover growth since 2000. The Group's core operating profit increased by 36% to HK$3,187 million.

Profit attributable to shareholders reached HK$3,060 million, an increase of 39% over 2006. Basic earnings per share were 89.5 HK cents, an increase of 33% compared to 67.1 HK cents in 2006.

The robust performance continued to reflect the Group's solid organic growth, as well as growth via acquisitions. In addition to increasing existing market penetration, the Group further expanded its market share in a significant way in 2007 through strategic acquisitions including Regatta, Peter Black International Ltd and CGroup.

These acquisitions provide excellent platforms for new sources of growth in the proprietary brands, footwear, as well as health, beauty and cosmetics businesses.

The Group has also successfully achieved the 2005-2007 Three-Year Plan target of US$1 billion turnover for the US onshore business. This business, collectively known as LF USAhas grown tremendously since 2004.

It is a major private label company, a key player in proprietary brands, and has one of the largest licensed portfolios in the US. The Board of Directors has proposed a final dividend of 50 HK cents per share (2006: 39 HK cents). Together with an interim dividend of 21 HK cents, total dividend per share for 2007 was 71 HK cents (2006: 55 HK cents).


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