Transport and warehousing company Great Bear Distribution saw both turnover and pre-tax profit tumble in 2024, in what the company described as a “challenging market”.
According to Great Bear’s latest annual results, for the year to 31 December 2024, the company’s turnover shrank to £513.4m (2023: £525.2m) and its pre-tax profit almost halved to £15.3m (2023: £30m).
Great Bear Distribution, which was acquired by Culina in 2016, provides warehousing and distribution services. It operates over seven million sq ft of ambient warehousing, runs a fleet of over 400 trucks and trailers and employs over 4,300 staff.
Its services include dedicated and shared-user warehousing, co-packing, and transport solutions, and specialises in the FMCG and food and beverage sectors.
In its review of the its latest results the company said it had “continued to build on its solid foundations, strengthening its customer base and continuing to focus on the key strategic priorities”.
These include management of central costs and overheads; maintaining warehouse utilisation levels; focusing on its customer base; and ensuring a balance of customers and sectors.
The review added: “The challenging market conditions continue to impact the company”, pointing to key factors such as inflation, which the company said it has mitigated in a range of ways, including through the application of escalator mechanisms in customer contracts and by fixing electricity and gas prices.
The review added that despite these challenges “the directors are satisfied that the company continues to provide its customers with a market leading service.
“The company is well funded and financially robust, so the directors are confident the company is well placed to meet the challenges of the on-going economic climate and market conditions.”
