2022 Highlights

2022 Financial Highlights

  • Significant organic growth with Group revenue increasing 30% to a record performance of £386.7m (2021: £296.6m) with a particularly strong contribution from the Group’s largest division, Freight Forwarding.
    • Freight Forwarding delivered revenue of £312.7m, an increase of 34%.
    • Warehouse & Logistics delivered revenue of £65.6m, an increase of 16%.
    • Transport Support Services delivered revenue of £8.4m, an increase of 35%.
  • Adjusted profit before tax of £11.0m, up 21% (2021: £9.1m).
  • Reported profit before tax of £6.5m (2021: £4.3m).
  • Adjusted basic earnings per share of 3.03 pence (2021: 3.68 pence).
  • Basic loss per share of (0.13) pence (2021: earnings per share 0.29 pence).
  • Net cash generated from operating activities was £17.7m (2021: £4.7m).
  • Net debt position of £3.6m (2021: net debt of £4.8m) improved due to strong trading across the Group, particularly in Delamode Baltics, but also as a result of greater focus on turning around the loss-making UK entities.

2022 Operational Highlights

  • Continued exceptional performance in the Freight Forwarding Division, especially in the Baltic region, the largest region for the Group in terms of revenue and profit.
  • Profitable performances by both the Transport Support Services and Romanian Warehouse & Logistics Divisions helped the Group achieve a particularly strong second half performance.
  • The UK Logistics Division, underwent significant change during the period, including post year end, the closure of the Beckton warehouse.

2023 Outlook

  • The business has good foundations and the changes that have occurred in the last nine months, have further enhanced the business base.
  • While cognisant of the wider market environment and the ongoing volatility that is occurring in different parts of the marketplace, transportation and storage of goods will continue to be required.
  • Notwithstanding the Offer to purchase the share capital of the business and the potential change in ownership, we believe the Group continues to be well placed to grow.