Aug 24, 2005. /Lesprom Network/. Brambles Industries Ltd has posted a 72% jump in annual net profit, following the logistic group's overhaul of its pallet business. Brambles - the world's biggest supplier of wooden pallets for storage and transport - announced a $528.8 million net profit for 2004/05. The figure compares to a $306.6 million profit in the previous year, when the dual-listed Anglo-Australian company was in the throes of restructuring its pallet business, CHEP. Chief executive David Turner said Brambles' 2004/05 result was a "very good" outcome, underpinned by an excellent year for CHEP. "We continue to drive value-based management through the group and remain focused on further improving customer service to underpin long-term sales and profit growth," he said. Group revenues stood at $8.15 billion for the year ended June 30, a rise of 7%. CHEP America posted a 10% increase in sales to $1.58 billion, with most of the benefits from the restructure now delivered, Brambles said. CHEP Europe booked a 7% improvement in sales to $1.63 billion on the back of higher pallet prices, with further pricing adjustments to take place by the end of calendar 2005, the company added. Although Brambles fell short of analysts' expectations of a net profit over $540 million, the market took heart from the improvement at CHEP. Waste management business Cleanaway enjoyed "significantly improved" results in the UK, Brambles said. Document storage operation Recall enjoyed "good organic growth", the company added. Looking ahead, Mr. Turner said the outlook for Brambles was positive. "In the early part of the current financial year the group is performing well and we expect further good progress in profit and solid cash generation for the year ahead," he said. Brambles expects CHEP to deliver "good growth" in all regions, as further benefits of the restructure flow through and sales growth continues. Cleanaway is forecast to show a "marked improvement" following the closure of its head office in the UK, Brambles said. Recall is also expected to see continued growth in sales and profit. Brambles maintained its final dividend at $0.1 per share fully franked. Total dividends for 2004/05 were $0.215, up from $0.2 in 2003/04.