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.
- 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.