JSE-listed OneLogix will continue to focus on extracting maximum efficiencies from its businesses to protect and grow its market share, as trading conditions are expected to remain difficult for the foreseeable future.
The group on Thursday reported a 58% year-on-year drop in earnings a share to 26c for the financial year ended May 31, mainly owing to the realisation of a R144.2-million after-tax profit on the disposal of business centre franchise PostNet in the prior year offset by the Kagiso Capital share-based payment charge incurred in the prior year.
Headline earnings a share increased to 25.7c from a 1.7c loss a share the year before owing to the one-off Kagiso Capital share-based payment charge incurred in the prior year.
The company reported that core headline earnings from continuing operations increased by 5% to 34.6c, compared with 33.1c the year before.
Revenue from continuing operations increased by 30% to R1.78-billion on the back of the maiden contributions for the full year of Jackson and Buffelshoek and the contributions of the newly acquired Vision and Cryogas businesses to earnings for the last eight months of the year.
The acquisitions concluded in the previous financial year were successfully bedded down in the year under review and contributed to growth in revenue and trading profit.
“We are proud to report that OneLogix has continued its more than ten-year uninterrupted growth trajectory despite extremely difficult markets,” said CEO Ian Lourens.
He added that the group benefited from a diversified income stream and that recent investments in fleet, operational infrastructure and acquisitions had substantially increased the magnitude of operations.
“The company has successfully integrated recent acquisitions and phase two of the R90-million OneLogix Logistics Hub in KwaZulu-Natal was completed in early 2016,” he noted.
Cash generated from operations increased 33% to R173.2-million and the group invested R320.8-million in operational infrastructure.
“Recent investments in fleet, properties and acquisitions have substantially increased the magnitude of OneLogix operations and we are mindful of scaling the various businesses in line with opportunities and conditions in their respective market places.”
In September last year, the company concluded a related-party transaction which saw the group increase its stake in United Bulk to 100%.
OneLogix’s also increased its shareholding in Madison to 75%, paving the way for the merger of the Projex and Madison businesses.