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Brambles Industries (BI.)

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Tuesday 16 November, 2004

Brambles Industries

Trading Statement

Brambles Industries PLC
15 November 2004

                     Brambles 2004 Annual General Meetings

                                16 November 2004

                                 Trading Update

As we announced with the full year 2004 results, Brambles continues to expect
good progress in 2005. The company is performing well in the early part of the
current financial year and, in the four months to the end of October, sales and
profits are ahead of the comparative period last year.

CHEP is performing well across all its regions in the first four months. CHEP
Americas in particular is continuing to deliver strong growth in profits, with
sales up approximately 10% in constant currency. CHEP Americas is benefiting
from sustained improvements in operating efficiencies. It is also benefiting
from the non-recurrence of one-off costs which were associated with the repair
of excess pallet stocks in the USA last year.

CHEP Europe is continuing to make good progress on the implementation of
activity based pricing, which is still expected to be finalised by the end of
December 2005. For the first four months, sales in CHEP Europe grew
approximately 6% in constant currency. The business is continuing to benefit
from the restructuring initiatives, the costs of which were completed last year.

CHEP in the rest of the world is trading well.

Overall, CHEP is expected to perform strongly in the six months to 31 December
2004 and for the year as a whole.

Cleanaway is expected to grow sales in the first half of this year when compared
with the first half of 2004. However, profits are expected to be lower. This is
due both to the costs of the reorganisation announced on 10 August 2004 and the
impact of the DSD re-tendering in Germany. The re-tendering will result in an
increase in Cleanaway's share of DSD, although at lower margins. In the UK, the
Commercial and Industrial sector remains under some pressure. Full year sales
for Cleanaway are expected to be higher than last year, with profits expected to
be similar to last year.

Recall is performing well and is expected to achieve continued sales growth in
all regions. The European business is showing signs of improvement, particularly
in the UK. North America and Australia are also expected to show good growth.
Overall, Recall's profits are expected to improve for the full year.

Brambles Industrial Services is performing to plan and is likely to benefit from
continued high levels of activity across many commodities, including steel. Its
innovative service offerings should result in continued, steady growth.

In summary, Brambles expects to deliver strong growth in sales and profits for
the six months to 31 December 2004, against a weaker first half last year. We
expect good progress for the full year. Brambles is continuing to focus on the
generation of free cash flow. For the full year, we expect again to generate
positive net cash flow after the payment of dividends.

For further information, contact:

Investor    Sue Scholes, Head of Investor Relations        +44 (0) 20 7659 6012
Media       Richard Mountain, Financial Dynamics           +44 (0) 20 7269 7291

Investor    John Hobson, Head of Investor Relations         +61 (0) 2 9256 5222
Media       Jeannette McLoughlin, Group General Manager,    +61 (0) 2 9256 5255
            Corporate Communications                 Mobile +61 (0) 401 990 425          

Brambles is globally headquartered in Australia

                      This information is provided by RNS
            The company news service from the London Stock Exchange