Record year puts logistics firm in ‘strongest position in 50 year history’
Birmingham logistics operator Europa Worldwide Group has reported record results for 2017, which its says puts the business is its “strongest and most profitable position in its 50-year history” as it sets its sights on a £200m turnover target.
For the year to the end of December, Europa’s turnover increased by 24% to £144m – a £28m increase on the previous year – while underlying net profit has increased to £3.2m from £1.1m in 2016.
The business, which employs 130 staff at its site at Prologis Park in Minworth, also reported an increase in its net assets, which now stand at £6.8m compared to £3.7m the year before.
Finance Director at Europa Worldwide Group Rob Ross said the business’s latest financial results were “a triumph”, demonstrating how Europa is now cash generative across all divisions – road, air, sea, showfreight and warehouse.
He said: “The 2017 results are our best yet and tell the story of a really positive, solid year of growth for our business. These figures show progression across all four divisions of Europa and are testament to the clear, concise and consolidated business plan implemented following the acquisition of the business four years ago.”
Ross said the focus is now on the next five years, and in 2018 the company aims to move turnover close to the £200m mark, with a target of £4.5m of net profit.
He said: “We’re setting ambitious yet achievable goals for Europa which we’re confident we’ll hit in the timeframes we’ve set ourselves. Our core product is now rock solid and every single area of the business is profitable – which is a huge transformation in the space of four years.”
Managing director at Europa Worldwide Group, Andrew Baxter, said:“In spite of organic growth running at 24%, 2017 was a year of comparative stability for us following the restructuring that occurred in the previous three years.
“Our goal for 2018 and beyond is to continue to make substantive steps forward in each division of the business both in terms of organic growth and acquisitions, developing our footprint in Asia and looking to opening new, bigger and better facilities in our warehousing division.
“The overarching goal is for Europa to be pushing towards the £400m turnover mark by 2022, effectively doubling in size again. We recognise how ambitious this aim is, but with our commitment to driving down costs and driving up quality, whilst maintaining our growth mindset and improving our competitive edge, it is certainly achievable.”
Europa Worldwide Group employs more than 650 staff across 11 sites in the UK and Hong Kong.
