Sales Revenue


Up 14% at constant currency1

Underlying Profit


Up 19% at constant currency1

Return on Capital Invested


Up 0.5 percentage points at constant currency1

Cash Flow from Operations


Up US$398.0m

Total Dividends

26.25 US ¢/share

Final dividend of 14.00 US cents per share


Brambles Injury Frequency Rate (BIFR)


Down from 4.1 in FY22


1st in industry category

Maximum AAA rating
Top 9% of companies assessed in our industry category

3rd most sustainable company of ~7,000 analysed

Top ‘A’ rating in Forests and Climate submission

‘A’ score over the last two years

Top Employer status globally, and across four regions and 25 countries

1 Current period results (excluding hyperinflationary economies) translated into US dollars at the actual monthly exchange rates applicable in the comparable period, so as to show relative performance between the two periods. Results for hyperinflationary economies are not retranslated and remain at their reported actual exchange rates (period-end spot exchange rates).

Letter from the Chair & CEO

We are extremely proud of what we have achieved this Year. Our teams around the world have worked hard, improving pallet availability and service levels to keep customers’ goods flowing across their supply chains.

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The Value Brambles Creates

Brambles’ ambition is to pioneer regenerative supply chains with reuse, resilience and regeneration at its core. This ambition underpins Brambles’ social licence to operate. Through the power of its circular business model, network advantage and expertise, Brambles transforms key sources of capital into significant value for its stakeholders.

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Shaping Our Future Transformation

Building from strong foundations, Brambles is transforming its business through its Shaping Our Future transformation programme to meet its strategic ambition of reinventing pooling solutions for the supply chains of tomorrow and further strengthen its value proposition with stakeholders.

The Shaping Our Future transformation programme is making Brambles even better, driving a step change in value creation. It is making Brambles better for its customers, its employees, its shareholders and the societies in which it operates.

With over 1,300 employees involved in the transformation, Shaping Our Future encompasses every aspect of Brambles’ business and seeks to transform the performance of the current business model while investing to create the Brambles that will continue to be an industry leader for many years to come.

Strengthening Global Leadership in Sustainability

The ambition of our transformation programme will set new benchmarks for circular business models by preserving and enhancing our sources of value while creating new value.

A world leader in ESG, Brambles is uniquely positioned to lead the transition to regenerative supply chains. Its circular business model with reuse, resilience and regeneration at its core aligns financial, social and environmental value to the aspirations of Brambles’ stakeholders.

Brambles has a vision to pioneer the first global regenerative supply chain, which is supported by its ambitious sustainability targets for 2025 and a net-zero commitment by 2040. Further details on the sustainability initiatives can be found here.

Preserving manufactured capital

Enhancing intellectual capital

Conserving natural capital

Enhancing customer relationships

Approach to Transformation

Brambles is taking a twin-track approach to transformation to unlock value for customers and shareholders: optimising the existing business as well as building the ‘Brambles of the Future’. Progress of the specific Shaping Our Future programme initiatives and measures of success can be found here.

The goal for optimising the existing business is to deliver increased returns and fund investment in innovation through higher productivity, better ways of working and improved capabilities. The performance to date highlights the success of these initiatives as the transformation programme shifts towards the next phase, building the ‘Brambles of the Future’. This aims to create new business capabilities and identify new sources of growth to increase the resilience of Brambles’ business and the value it brings to fast‑moving supply chains around the world.

Harness the power of data and digital insights to unlock new sources
of value for Brambles and its customers

Preserving manufactured capital

Enhancing intellectual capital

  • Reimagining a digitally enabled pooling model to transform the customer experience and simplify Brambles
  • Driving data analytics as a core competency of Brambles
  • Deploying asset digitisation and advanced analytics to provide visibility into its asset pools and networks
  • Developing a business building capability to create new customer solutions focused on improving business performance and sustainability
  • Identifying and addressing causes of inefficiency in end‑to-end supply chains, driving value for customers and for Brambles

Make Brambles the natural partner of choice for supply chain customers,
today and tomorrow

Enhancing customer relationships

  • Creating an effortless customer experience, making it easy for customers to choose and stay with Brambles
  • Enhancing platform and service quality, focused on what makes a difference for customers and differentiating vs competition
  • Collaborating with customers to unlock new sources of value and solve shared supply chain problems
  • Investing in customer systems, data and insights to guide decisions
  • Delivering increased customer value powered by digitisation of our platforms

Reinvent the organisation, technology and processes to be simpler,
more effective and efficient

Enhancing intellectual capital

  • Improving organisational efficiency through process simplification and automation
  • Building the technical foundations to support transformation, including updated IT tools and cloud migration
  • Attracting, retaining and empowering high-calibre people
  • Developing distinctive capabilities, notably in digital services, advanced analytics and automated supply chain

Deploy new technologies and ways of working to increase
productivity and sustainability

Preserving manufactured capital

Conserving natural capital

Enhancing intellectual capital

  • Optimising collection engine, improving asset control and reducing capital intensity
  • Standardising processes and controls to enhance the efficiency and resilience of the operations
  • Continuing plant and network automation journey
  • Removing waste from end-to-end supply chains by optimising networks with customers and suppliers

Operating Model

Brambles manages the world’s largest pool of reusable pallets, crates and containers. Through its inherently sustainable operating model, superior network advantage and industry expertise, Brambles leads the market in more efficient and sustainable supply chains.

Inherently Sustainable Operating Model

Brambles’ operating model follows the principles of the circular economy. By promoting the ‘share and reuse’ of assets among multiple parties in the supply chain, Brambles offers customers a more efficient, cost-effective and sustainable alternative to disposable single-use products or their own proprietary platforms.

This inherently sustainable business model, which reduces demand on natural resources, combined with Brambles’ sustainable sourcing strategy, which regenerates its resource base, underpins Brambles’ position as a global leader in sustainability. This has consistently been recognised by ESG research and ratings providers around the world.

To view the Group’s
Sustainability Strategy, go to:

Network Advantage and Supply Chain Expertise

Brambles’ sustainable operating model is underpinned by its:

  • superior network advantage that comprises the scale and density of its service centre network and the strength of its customer relationships in every major market in which it operates; and
  • industry-leading supply chain expertise, developed over 70 years of managing customers’ supply chains around the world.

This means Brambles can be faster and more responsive to its customers’ needs, and in times of uncertainty and increased volatility, more resilient and more reliable.

Transformation to Strengthen Competitive Advantage

Through the Shaping Our Future transformation programme, Brambles is investing to build on its existing competitive advantage by enhancing its circular model, generating greater operational efficiencies and increasing the value created across its customers’ supply chains. Investments to build the ‘Brambles of the Future’ include developing new business capabilities and identifying new sources of growth that will allow the business to stay at the forefront of innovation.

Share and reuse: How it works


Brambles provides standardised pallets, crates and containers to customers from its service centres as and when the customer requires.


Customers use this equipment and Brambles’ support services to transport goods through the supply chain.


Customers either arrange for the equipment’s return to Brambles or transfer it to another participant for reuse.

Using its network advantage and asset management expertise, Brambles seamlessly connects supply chain participants, ensuring the efficient flow of goods through the supply chain.

By reducing transport distances and the number of platforms required to service the supply chain, Brambles delivers savings in which all participants share. Brambles retains ownership of its equipment at all times, inspecting, cleaning and repairing to maintain appropriate quality levels and durability standards. In addition, Brambles continues to enhance its platforms including innovation in the materials used to further improve its sustainability credentials.

Brambles generates sales revenue predominantly from rental and other service fees that customers pay based on their use of its platforms and services.

Brambles’ 2025
Sustainability Targets

Brambles’ roadmap to regeneration is driven by progress against the ambitious 2025 sustainability targets.

Brambles’ performance against the targets is provided here. Further information will be available upon the release of Brambles’ Sustainability Review in September 2023.

Learn more about our 2025 Sustainability Targets

Brambles’ Climate Change Strategy

Brambles is at the forefront of the low-carbon transition, demonstrating how a regenerative vision can result in tangible business benefits. Its share and reuse business model minimises Brambles’ environmental impact and helps customers decarbonise their supply chain. Moreover, Brambles’ transformation programme is enhancing the capabilities of circular business models and is redefining expectations for a
sustainable future.

Low-Carbon Advantage

In FY23, Brambles continued to consolidate its sustainability leadership and advance its decarbonisation strategy. This includes Shaping Our Future transformation programme initiatives and supply chain engagement on Scope 3 emission sources such as transport carriers and outsourced service centres.

Brambles’ Network Resilience

In FY23, Brambles initiated an assessment to stress test its network against a range of severe weather scenarios, covering the most operationally material networks. This work assessed the operational and financial impacts of flooding and bushfire events of differing severity on its assets, operations, products and workforce.

Materials Sourcing Supply and Security

Brambles created the Timber Supply Climate Risk Tool to assess climate risks in key geographic areas related to its timber-sourcing supply chains. The tool currently covers locations in Brazil and Mexico, approximately 25% of timber volumes, and will expand to other areas in FY24.