Hellmann Worldwide Logistics saw revenue reduce by 5.3% last year as it battled the twin challenges of Brexit and the Covid-19 pandemic.
Latest financial results for the year ending 31 December 2020 showed that turnover at the global freight forwarding and logistics service dropped to £80.1m from £84.5m in 2019.
Air and ocean freight made up the bulk of its turnover (£56.9m), with road freight generating £17.4m and contract logistics £5.8m.
It also turned in a pre-tax loss of £1.8m, although this was an improvement on the previous year’s loss of £2.5m and the company said it had actually been profitable in the last four months of the trading period.
However, reduced volumes remained its biggest challenge, with uncertainty surrounding Brexit and then the pandemic resulting in European road freight revenue falling by 16%.
It said a turnaround plan was implemented during Q1, with its primary focus being the restructuring of its road freight division and its senior management team was strengthened towards the end of the year, with a new CEO and a new CFO.
“In 2021 the company will see the full year benefit of the turnaround plan together with the impact of the strengthened management team and a significant benefit from the expanded customs clearance operation post Brexit,” the company said in a statement. “The directors are confident that this will support the move back to profitability in 2021.”
