EFS Global revenues surge but pre-tax profits slip

EFS Global boosted its revenue by 44% during the last financial year, new documents have revealed.

The Burnley-based haulage and logistics business reported a turnover of £37.9m in the year ending 31 March 2020, an increase from £26.3m the year before.

Gross profit grew from £4.3m to £5.2m over the same period, but additional costs resulting from a series of acquisitions saw pre-tax profit slide from £1.1m in 2019 to £647,000.

In its financial results, the acquisition-hungry company said that in a “challenging global and UK market environment, the directors consider that the group has performed in line with expectations”.

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It added: “Since the year end, the group has significantly outperformed expectations including during the lockdown periods of 2020.”

Earlier this month, the company said it had purchased freight forwarder AFI (UK).

Its aggressive acquisition strategy began in 2016 when it snapped up Red Scar Tyres and CS Brunt, followed by Horizon Distribution, pallet distribution firms Euro Tran Despatch and Euro SDB, and then 2019 JRS Traction, Caistor Distribution and FWD Freight Services.