Logistics firm’s turnover accelerates through £200m mark
Logistics operator Europa Worldwide Group, which recently opened a £60m site in Corby, has reported record turnover of £205m.
In addition to Corby, the business has five sites across the East Midlands at Colwick Quays in Nottingham, Express Park in Rushden, Grange Park in Northampton, and Osberton near Worksop.
The figures for the year to the end of December show that Europa has succeeded in achieving the target it set 12 months ago to exceed the £200m mark.
Europa Worldwide Group has six divisions – Europa Road, Europa Air & Sea, Europa Showfreight, Europa Warehouse, Europa Contact Centre and Continental Cargo Carriers and has featured in The Sunday Times Top Track 250 for two years running.
In 2019 Europa’s turnover increased from £176m to £205m – a £29m increase – and net profit before tax increased to £6m from £5.2m in 2018.
The business, which has just opened the 715,000 sq ft, 3pl logistics facility in Corby, has also reported an increase in its net assets, which now stand at £12.9m compared to £8.4m in the preceding financial year.
2019 saw a year of huge investment by Europa – including the acquisition of part of the assets of Menzies at the start of the year.
This included Menzies’ warehouse based in Rushden, Northamptonshire and its PCI compliant contact centre based in Ashford, Kent, from its parent company, Menzies Distribution, to strengthen the Europa Warehouse division.
Other investment during the period included £250,000 in refitting its Birmingham site as part of a company-wide estate improvement. The business also invested hugely in Brexit preparations, including over £2m in its Dartford transit warehouse to increase racking capacity by 75%.
Finance director at Europa Worldwide Group, Adam McBride, said: “The 2019 results are our best yet and show a really positive, solid year of growth for our business across all divisions. This has enabled us to continue investing throughout the business and across teams, which will allow us to continue this fantastic growth and meet any challenges head on.
“2019 saw us add two more sites to the group as well as increase the headcount to support the progression of the business, so we are happy with the figures.
Managing director at Europa Worldwide Group Andrew Baxter added he was pleased with the figures for last year, but his focus is on driving the business successfully through the impact of Covid-19.
He said: “The growth in 2019 was a result of the great team we have as well as our continued dedication to providing the best, most efficient services for our customers. This enabled us to win new business across the divisions and I am very proud of what we have achieved.
“From March onwards we like every other business were hit by the effects of the coronavirus pandemic but I believe we have weathered the worst of it pretty much intact, as well as opening our new Corby site on schedule which is a massive success. Our ongoing investment in technology has certainly paid dividends this year.
“I am really happy with the results from 2019. We anticipate that this year will be a different picture with limited or modest growth due to the pandemic, but we are highly optimistic for 2021 and march on towards our target of achieving £400m turnover.”