Europa Worldwide Group’s investment in its Corby 3PL warehouse, coupled with the effects of Covid 19, led to a 39% reduction in profits in 2020, its accounts showed.

However, the logistics operator saw revenues rise by 2.5% to £210.7m in the year ending 31 December 2020.

Pre-tax profit dropped to £3.7m during the period, but in its business review the company explained: “Profitability decreased in the year mainly due to Covid 19 and the Corby investment, which impacted the warehouse division.

“The road division maintained its revenue and profitability in 2020 and have posted strong numbers for 2021 to date, aided by our Europa Flow product to deal with VAT and duty for imports and exports to and from the EU seamlessly post Brexit,” it added.

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Before Christmas, Europa said it was predicting record turnover and profits for 2021 and even greater success this year.

It expected to achieve a record turnover of £260m, increasing to £300m in 2022.

Europa also predicted that profits would soar to £10m.

The company’s £60m Corby facility opened in June 2020, enabling it to benefit from the e-commerce boom triggered by the pandemic.