Gefco profits soar despite slide in turnover


 

Gefco UK more than doubled its pre-tax profits last year, despite Covid-19 hitting demand for vehicles and storage and knocking £35m off its turnover. The automotive logistics specialist said the 22% reduction in revenue, from £161.9m in 2019 to £127.1m in the year ending 31 December 2020, was due to a reduction in volumes resulting from the global pandemic, which saw a significant reduction in demand for vehicles and storage. However, pre-tax profit rose from £4.4m to £9.5m during the […]