Hellmann Worldwide Logistics said post-Brexit road freight volumes fell last year, but it was able to significantly increase its pre-tax profit.

In its latest financial results for the year ending 31 December 2023 the company reported a 6.5% reduction in revenue to £110.5m, but it said its gross margin had grown from 20.6% to 25.6%.

Pre-tax profit jumped from £1.6m in 2022 to almost £6m.

“2023 was another challenging year for both the UK and global economies and the directors believe that the company was well placed to deal with those challenges whilst taking advantage of opportunities that arose,” Hellmann said in its business review.

“Road freight volumes continue to decline post Brexit.

“The sea freight market saw volumes and margins tighten with excess capacity and tough global market conditions.

“Airfreight capacity and pricing improved during the year despite competitive pressure.

“Contract logistics had an extremely successful year with its warehouses almost at full capacity and a full year benefit of the new control tower operations in the renewables subsector,” it added.