EV Cargo Group is hailing 2024 as a “transformative” year, after the group delivered an 8% revenue rise and a 10% boost to gross profit.
According to EV Cargo’s unaudited financial results, for the year ending 31 December 2024, the group’s revenue rose to £848.7m, representing an increase of 8% on 2023, which EV Cargo attributed to its customer-focused approach and expansion initiatives.
The group’s global forwarding and technology division and Palletforce posted revenue increases of 13% and 10%, respectively, with volume growth across air freight, sea freight and pallet distribution of 17%, 26% and 7%.
However, its solutions division saw a “modest” revenue decline during the year, which EV Cargo attributed to a transformation initiative.
Gross profit increased by 11% to £168.2m in 2024, with gross profit margin increasing to 19.8%, which the group said was due to its commercial and operational initiatives.
Global forwarding and technology, which represents 68% of EV Cargo’s gross profit, increased by 20% compared to 2023.
EBITDA also grew, rising to £53.3m, representing an increase of 84% and an EBITDA margin of 6.3%.
Announcing the results, EV Cargo said: “2024 has been a transformative year for EV Cargo, with many of the significant investments and strategic initiatives undertaken in recent years generating compelling value and results.
“We implemented key strategies aimed at expanding our service offerings, enhancing efficiency and improving customer satisfaction.
“Our enduring commitment to growth, innovation and sustainability has enabled us to better meet the evolving needs of our clients, strengthened our operational capabilities and positioned us for continued success.”
It added: “EV Cargo remains a financially strong organisation with a solid balance sheet. Our prudent financial management has allowed us to finance significant acquisitions, geographic expansion and strategic transformation, within conservative debt levels.
“This robust financial position not only enhances our resilience in a competitive market but also positions us well for future expansion and innovation.”
EV Cargo said its strategic highlights during the year included the completion and integration of “significant” acquisitions, the opening of new offices and facilities across key geographies and the strengthening of strategic relationships. The group now operates a global network of 90 offices across subsidiaries in 21 countries.
The group said it has also strengthened the Palletforce network, by increasing its membership, strengthening its service, adding capacity and growing faster than the overall market.
EV Cargo said it had also transformed EV Cargo solutions to focus on managed transport solutions and contract logistics with a “well-invested” fleet, strategic carrier base and innovative technology across a UK-centric platform.
Technology investments were also highlighted, including the use of AI powered productivity tools.
The group’s cost cutting strategy also saw a £7m net reduction in operating expenses, which EV Cargo said demonstrated its commitment to maintaining a lean and agile business model while also investing for growth.
Net interest-bearing debt stood at £95.3m as of 31 December 2024, representing 1.8x EBITDA.
Heath Zarin (pictured), EV Cargo executive chairman, said: “EV Cargo has delivered strong customer service and impressive financial results, even amidst a volatile global supply chain landscape.
“Our ability to adapt quickly to changing market conditions has enabled us to meet and exceed customer expectations, reinforcing our reputation as a trusted partner in logistics. Despite industry-wide challenges, our dedicated team has remained focused on providing customer solutions that drive efficiency and satisfaction.
“I would like to thank our employees, partners and customers for your continued support and trust in EV Cargo. Together, we are poised for an even more successful 2025 and beyond.
“As we look to the future, we are excited about the opportunities that lie ahead. The strategic initiatives implemented in recent years have laid a strong foundation for growth and innovation. We remain committed to delivering exceptional value to our customers and stakeholders.”
