OneLogix is a specialist logistics service provider that has been listed on the JSE since 2003, first on AltX and on the main board since 2013. It has had a relatively smooth upwards trajectory in earnings growth with a strong latest release. For the six months to end November 2018 revenue rose 60% to R1.44bn, with 60% of that growth being organic. Trading profit rose 7% to R108m, while pretax profit was 27% higher at R90m. The trading margin fell from 8.9% to 7.5% due to higher fuel costs and moves to a leased operating model for its truck fleet. Headline earnings per share rose 28% to 25.5c and an unchanged dividend of 6c per share was declared. CEO Ian Lourens pointed out that because OneLogix was a growing business, dividend payments would be prudent, enabling the company to make acquisitions when they arose. The balance sheet is strong, with relatively low debt/equity (25.5%) and high interest cover on trading profit (8.2 times). Return on equity is respectable, though by no me...

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