2020 Highlights

2020 Financial Highlights

  • Generated Group turnover of £221.2m (2019: £213.2m) an increase of 3.7% reflecting a generally resilient performance during the Covid-19 impacted months coupled with a strong performance in the last quarter of 2020
  • Delivered a 38.5% increase in adjusted profit before tax of £7.2m (2019: £5.2m) helped by early cost reductions in March 2020, alongside some core markets benefiting from Covid-19 related changes and with areas of weakness (e.g. high street retail and transport services) being offset by the diversity of businesses across multiple markets
  • Reported profit before tax of £3.9m (2019: £2.2m)
  • Adjusted basic earnings per share of 3.84 pence (2019: 2.80 pence)
  • Basic earnings per share of 1.46 pence (2019 : 0.60 pence)
  • Strong cash generation and working capital management continues with net cash stable at £6.8 m despite paying £4.4m (2019: £0.2m) in deferred acquisition payments
  • Dividend per share increased by 12.8% to 1.50 pence (2019: 1.33 pence)

2020 Operational Highlights

  • Appointment of Robert Ross as new CEO in October 2020, previously Group CFO and in March 2021 appointment of Mike Williamson as new CFO
  • Reaffirmed core strategic outlook coupled with new CEO vision for how to achieve commercial objectives
  • Recorded strong growth in the Freight Forwarding Division supported by resilient  and profitable performances by both the Transport and Warehouse & Logistics divisions both of which were held back by the pandemic:
    • Freight Forwarding delivered revenue of £171.0m, an increase of 7.1%
    • Warehouse & Logistics delivered revenue of £44.5m, a decrease of 6.3%
    • Transport Services delivered revenue of £5.7m, a decrease of 6.9%
  • On 5 October 2020 completed the successful acquisition of Nidd Transport Ltd
  • Disposal of loss making B2C business EshopWedrop

2021 Outlook

  • First quarter trading results are positive and ahead of management expectations
  • Consolidation and improved overall financing terms of UK banking facilities with a new £18m finance facility with Investec Bank Plc replacing the existing £9.5m facility
  • Managing transportation post Brexit more complex than anticipated with customers requiring additional support which is net profitable for the Group
  • First full year of benefit from £0.5m of annualised cost savings made as part of the response to the pandemic
  • Healthy pipeline of potential acquisitions

Alex Borrelli, Chairman, commented:

“We are naturally very pleased to have delivered this performance during such a challenging year. Increasing both revenues and profitability is an excellent achievement and we think confirms the strength of the platform the Group has. Added to this, we now have a new senior management team led by CEO Robert Ross whilst retaining the expertise and knowledge of Stephen Blyth, the founder of the business, on the Board.

Our aim to become a leading international freight management and logistics provider, is unchanged. We continue to examine strategic acquisitions with a focus on building a scalable and risk adjusted platform to support an expanding portfolio of freight management companies across the UK and Europe with a particular expertise on Central and Eastern Europe. 2021 has begun well and we are quietly confident of our ability to achieve our objectives.”