Santova's update follows similarly strong interim performances from other logistics groups. Last month‚ Grindrod reported a strong interim performance for its six months to June‚ with headline earnings per share rising 29% to 76.2c from 58.9c a year earlier.
Grindrod's freight services operations increased earnings by 75% to R299.9m‚ while the group's financial services unit more than doubled its earnings to R47.8m‚ an increase of 120%.
Meanwhile‚ Barloworld's logistics operations lifted revenue by 25% to R2.1bn in the six months to March.
Santova said that while it expected headline earnings per share to rise by between 60% and 70%‚ this figure had been significantly affected by the one-off inclusion of material items.
This included a fair value gain of R5.2m on the re-measurement of a portion of the contingent purchase price for the acquisition of WM Shipping‚ following the conclusion of the first warranty period‚ which formed part of the sale agreement. WM Shipping operates as a traditional freight forwarder and clearing company from Birmingham in the UK
In addition‚ the figure included the recognition of a financial liability of R3m from the termination of the lease for the premises previously occupied by Santova Logistics South Africa.
As such‚ Santova said its expected the rise of between 25% and 35% in normalised headline earnings per share was a more appropriate basis for the measurement of the actual performance.
Santova has offices throughout South Africa‚ as well as in Hong Kong‚ Australia‚ the UK and the Netherlands and it has other strategic partners throughout the world.
For the year ended February‚ Santova achieved a 10.2% rise in headline earnings per share to 17.62c‚ and declared a maiden ordinary dividend of 2.5c per share.
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