EV Cargo Distribution cut its pre-tax loss by 12% in 2024, however revenue during the period continued to fall, as the company wrestled with difficult trading conditions and the demands of a major transformation programme.
According to its latest annual results for the year to 31 December 2024, the company saw revenue fall to £105.5m (2023: £121.5m). However pre-tax losses reduced from £14.4m in 2023 to £12.7m in 2024.
EV Cargo Distribution, which is part of the EV Cargo Group, offers transport and contract logistics services to a number sectors, including retail, manufacturing, FMCG, home, construction, packaging, paper and print and e-commerce sectors.
It operates a fleet of more than 200 trucks and 600 trailers and has around 850,000 square feet of warehousing space, providing storage, order fulfilment and other value-added services.
In its business review of the results EV Cargo Distribution said the company had “navigated difficult trading conditions due to general UK and global economic factors” in 2024, which had resulted in lower volumes and reduced consumer demand.
“Overall, market level full truckload (FTL) and less than truckload (LTL) volumes have been relatively softer throughout 2023 and 2024, with the company’s customers also experiencing challenging demand dynamics,” the review explained.
Despite these challenges the company’s contracted rates remained stable during the year, which the review attributed to a strong customer base, underpinned by multi-year contracts and “generally stable rates.”
It also reported strong new business growth and said an increased focus on e-commerce activities is expected to provide additional opportunities, going forward.
The review also praised the company’s “strong dedicated and experienced” management team, which it said had made “significant progress” delivering the company’s transformation programme, which was launched in 2023.
It said: “A laser focus has been deployed at board level to deliver customer excellence, efficiency gains, overhead cost savings and innovation through technology.
“Delivery of innovation through technology is at the forefront of a multi-year business strategy to drive revenue retention and growth.”
It said the strategy has been pivotal in delivering an increase in gross profit margins to 17% (2023 - 16%), whilst efficiency programmes have delivered a £3.8m reduction in total administrative expenses to £27.4m (2023 £31.2m), inclusive of adjusting items.
Asked to comment on the results and the performance of the company this year, Andy Humpherson, EV Cargo Distribution chief executive, told MT the company is continuing to make good progress, boosting revenue by £11m in the first half of 2025.
He said: “Following COVID, the business identified the need for a transformational programme to create a business fit to cope with volatile markets and wider socio-economic challenges.
“We are on programme to deliver this vast transformation and in this period have made significant progress; year on year, losses have reduced 27%, overhead costs reduced by more than 8% and long-term liabilities have been driven down.
“The business is undergoing comprehensive restructure and reorganisation at the same time as consumer spending behaviours have led to softer freight volumes.
“In the first half of 2025, we delivered positive momentum, securing more than £11m in new revenue across high-growth segments including e-commerce, healthcare and packaging.
“The business continues to play a vital role within the wider EV Cargo group, providing UK road logistics as part of our fully integrated, end-to-end logistics solutions for global customers across a diverse range of industry sectors.”
