Mention logistics services providers (LSP) and most investors shy away, rattled by horrific results being turned in by industry players such as Grindrod and Trencor. Regrettably, international LSP Santova, one of the JSE’s small-cap gems, is being tarred with the same brush. Santova has had to face challenges which have led to investor concerns. They include SA’s embattled, no-growth economy, the British pound’s sharp fall in the wake of the Brexit vote and the generally weak state of the intensively competitive global logistics industry. "Santova has more than adequately dealt with these concerns," says Glen Gerber, the group’s CEO for the past 14 years. He has every reason to be pleased with Santova’s resilience. In its year to February it lifted profit before tax by 31.9% to R88m. At the headline EPS (HEPS) level a R51m share issue in late 2015 to fund the acquisition of UK firm Tradeway for £5.6m reduced growth to a still solid 15.4%. In the previous five years HEPS grew at an a...

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