Abbey Logistics saw strong trading in the year following its acquisition by Belgium firm the Sitra Group in November 2023, according to its latest financial results.
The company, which has its headquarters in Wigan, specialises in transporting bulk liquids and bulk powders, as well as warehousing services, and has a fleet of around 350 tractor units and nearly 700 tankers.
Abbey Logistics’ results for the year to 31 December 2024, which were recently published in Companies House, reveal turnover of £73.9m with an EBITDA margin of 11.2% and pre-tax profit of £4.4m.
The prior year comparison included in the results relate to the six-month trading period to 31 December 2023, due to the change in the group’s financial reporting period which was made to align with the Sitra Group. Revenues in this six month period to 31 December 2024 were £35.9m and pre-tax profit stood at £367,870.
In the strategic report to the results, the company said Abbey Logistics trading was in line with the previous year and that it had achieved an improved net asset position at the end of the period.
It added: “The company’s operating cash flow remained strong and over £7.4m was invested in capital expenditure in the period on new tractor units and tanks to enhance the fleet and brand.
“In the first full year of new ownership and as part of the wider Sitra Group, the directors of Abbey Logistics Group believe the future is bright with plenty of opportunities and a strong customer pipeline.”
During the year, on 29th October 2024, Axle Ax Bidco, the parent company of Abbey Logistics Group acquired 100% share capital of Gussion Transport and Widnes Tank Container.
The company said the purchase was “a strategic acquisition to secure a vibrant transport facility in a key location with further opportunities to expand additional services such as Washbay cleaning, specialised vehicle maintenance repairs and Isotank storage and handling”.
Belgium-based Sitra Group acquired Abbey Logistics for an undisclosed sum, in October 2023 in a move which sees a major consolidation of the food logistics sector.
The group employs approximately 1,150 people across 11 countries, including the UK, and operates a fleet of 700 owned trucks and over 2,000 trailers and containers, including liquid and powder food tankers.
A request from MT for comment from Abbey Logistics on its results has yet to receive a response.
