CAPE TOWN - OneLogix Groups revenue increased only marginally in the six months to November 30 as its profit trajectory over the past few years was finally been impacted by the protracted listless economic environment.
The logistics services provider however remained profitable despite a poor trading environment and cash flows from operations remained resilient, directors, said Group CEO, Ian Lourens.
The result for the six months to November 30, 2019 showed revenue up slightly, but interest bearing borrowings continued to be paid down, Trading profit fell 18 percent to R102.9 million. Dilute headline earnings per share was 24 percent lower at 17 cents.
Nevertheless, the five year compound annual growth rates of net asset value per share was up 18 percent.
Lourens said that trading conditions for all group companies were expected to remain difficult for the foreseeable future. The group is a “Top Employer” international award-winner for the sixth year in a row.
“Our strategy remains unaltered however – we will continue to focus on extracting maximum efficiencies from existing businesses to protect and grow their individual market shares in their respective niche markets,” he said.
He said the relentlessly waning demand and contracting markets had inevitably impacted margin and volume pressure in the interim period, which negatively affected the results.
OneLogix Groups revenue increased only marginally in the six months to November 30 as its profit trajectory over the past few years was finally been impacted by the protracted listless economic environment.
File image: IOL
BUSINESS REPORT ONLINE