Flat earnings from OneLogix

OneLogix, the JSE-listed supply chain management and logistics fulfilment services company, grew its interim operating profit 30.9% before depreciation and amortisation, although headline earnings per share rose only 1.2%.

CEO Tony Wiese says this is despite difficult trading conditions and the expansion of the group`s supply chain logistics offering.

Wiese says interest received was reduced following the pro rata share repurchase of 67.5 million shares for R54 million, effective 20 June 2001.

"Notwithstanding the reduction in interest received to R64 000 from R5.6 million in the previous interim period, basic headline earnings per share increased marginally, reflecting strong operating growth of 31% in the group`s EBITDA (earnings before interest, taxation, depreciation and amortisation)."

Cash resources were used for the share repurchase and settlement of vendor liabilities.

"The group has underused facilities of R20 million which, together with operating cash flow, will be partially utilised to settle cash vendor liabilities of R7.95 million," Wiese says.

He says the logistics division, which includes ThinkLogix and GoLogix, met expectations, while the services division, incorporating DotLogix and DirectLogix, exceeded expectations.

DotLogix established itself as a leading e-fulfilment partner with customers such as flySAA.com, Digitalmall, Megashopper and McCarthy Online.

Two under-performing start-up operations were discontinued.

The group has announced the appointment of Cameron McCulloch, formerly of PricewaterhouseCoopers, as group financial director from 18 March this year. He replaces Danie Meyer, who resigned with effect from 25 January.

Wiese says the group continues to show good growth prospects.

The OneLogix share price was unchanged at 38c on the JSE this morning.