Niche logistics group OneLogix defied a flailing economy by boosting growth in the six months ended November 2017. Revenue jumped 14% in the period to R1.15bn, with trading profit rising 11% to R101.5m. The result was helped by the sale and leaseback of properties in KwaZulu-Natal, the sale of a 49% shareholding in a subsidiary, as well as the sale of fleet. CEO Ian Lourens said on Thursday the group had amassed cash of about R140m, while debt reduction had exceeded R130m. This had cut financing costs, leaving net debt of R220m in the period. "We got a massive injection of cash," he said, acknowledging that this had boosted the income statement during otherwise difficult trading conditions. Core headline earnings per share were also up 11% and operating profit jumped 36% to R112.3m. The group operates across Southern Africa. "This affirms the strength of our growth strategy and the resilient business models of our businesses. Over the years this approach has purposefully been positi...
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