Shares in niche logistics group
The company‚ which owns PostNet‚ saw strong performances from its existing businesses and returns on recent acquisitions‚ which it said were the key drivers of growth.
OneLogix‚ which operates in seven African countries said headline earnings per share rose by 29% to 17.6c.
The company has been decreasing its dependence on vehicle delivery services (VDS)‚ the group's largest business‚ over the past few years by making acquisitions that diversify its revenue streams.
Both VDS and commercial vehicle delivery services operate in the automotive market‚ where waning consumer demand is constricting growth and industry-wide strikes are disrupting productivity at vehicle makers.
United Bulk contribution
"New addition United Bulk looks set to continue its healthy performance on the back of the group's investment in fleet expansion‚ while Drive Report is robust with its popular driver behaviour management product‚" he said.
In December 2012‚
During the reporting period‚ the group extended its logistics services in the area of heavy and abnormal equipment through the acquisition of a majority stake in Madison Freight Lines.
The group remains strongly cash generative with cash flows from operations having almost doubled to R63.2m
Revenue increased to R665m‚ buoyed by strong organic growth and the first-time inclusion for the full period of United Bulk and Drive Report.
Operating profit of R67.8m benefited from the higher top line and further reflected a once-off reduction in the fleet depreciation charge as the estimated useful life of the fleet was extended. The operating margin remained steady at 10.2%.
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