Agribusiness company AusBulk has backed up a year of record profit by securing the purchase of Joe White Maltings, making the company Australia's biggest maltster and one of the world's top ten.

AusBulk chairman Kevin O’Driscoll said the company had achieved a 60% increase in revenues to $545.7 million and 48% increase in profits to $55.6 million on the back of substantial growth in grain marketing activities and the record South Australian grain harvest. "Our 2001/2 receivals of 8.6 million tonnes were 21% greater than the previous record of 7.1 million tonnes achieved in the previous year," Mr O'Driscoll added.

AusBulk managing director Mr John Murray said the year's results had cemented the group's extremely strong financial position, with net assets of $378.1 million and no net debt, which placed the company ideally for the acquisition of Joe White Maltings. "We believe the acquisitions of Joe White and Adelaide Malting are a natural extension of AusBulk's core competencies in grain marketing, storage and handling and will exploit synergies in these businesses," Mr Murray added.

17 December, 2002