Until recently, OneLogix has been a very solid performer. A small logistics company operating in well-defined niches such as vehicle delivery, it has a special formula for acquiring new businesses while retaining the entrepreneurial talent within and achieving a win-win situation for all. The group executive ensures that entrepreneurial capability is not smothered by big corporate culture.

Unfortunately, it has fallen victim to the poor economic environment and that situation is unlikely to change any time soon. Revenue in the six months to end November 2019 was flat at R1.453bn, while earnings before interest, taxation, depreciation and amortisation (Ebitda) fell 8% to R206m. Operating profit was 20% lower at R91.7m; pretax profit was 27% lower at R56.9m; the tax rate was a very low 18.5%, thanks to section 12H allowances relating to learnership allowances; headline earnings per share fell 24% to 20.1c; and the interim dividend was passed.  While group earnings fell quite hea...

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