The Europa Worldwide Group logistics operator has announced a turn to profit. The firm had a turnover of £116 million for the year end 31 December 2016, leading to a profit before tax hitting £2.3 million. Last year the company made a loss of £1.6 million.
All the divisions of Europa Worldwide saw increases in revenues in 2016. Warehouse saw an increase of 47% as against 2015, Showfreight saw a boost of 34%, Road up 17%, Sea up 24% and Air up by 7%. The company projects a turnover this year of £140 million.
Europa Worldwide Group say that achieving the £100 million milestone was all the more important as it follows a ‘challenging’ couple of years in which the new owner Andrew Baxter and his team put the firm through a major restructuring programme.
“Our annual results for 2015-2016 are very positive, given the complex process of restructuring which came before,” commented Baxter. “We needed to make these changes in order for Europa to thrive in the future – but it wasn’t easy and there were many obstacles in our way.
“Yet we came out the other side and I’m extremely proud to say we are now stronger than ever before. Our separate divisions – Road, Warehouse, Air and Sea and Showfreight – are at the cutting edge of their sectors, innovating every day in order to offer the best possible service to our customers. I truly believe that by this time next year, we will be the leading operator for European goods distribution – a fantastic achievement which will be, as always, thanks to the commitment, passion and vision of the brilliant people who work for Europa.”
Finance Director at Europa Worldwide Group Rob Ross added: “Our success is no doubt a result of the bold decisions we made three years ago. We made the biggest single investment in Europa’s history when we opened our £30m 1hub in Dartford, which is the UK’s largest European groupage hub. We invested nearly £2m in completely overhauling our IT system by introducing our own, Leonardo TMS software, which was created in-house by our IT team. We closed some warehouses, and we reconfigured others, to ensure they were operating at maximum efficiency.”
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