A major restructuring and a refinancing deal helped Kinaxia reach a “turning point” in its fortunes last year, with pre-tax losses reduced by 7% to £19.8m and turnover rising by 5% to £199.4m, according to its latest annual results.
Kinaxia Group, which specialises in haulage and warehousing, consists of 11 subsidiaries, including Bay Freight; NC Cammack; Lambert Brothers Haulage; Foulgers Transport; Panic Transport (Contracts); AJ Maiden; Mark Thompson Transport; AKW; Fresh Freight; David Hathaway Transport; and Kinaxia Logistics and Fulfilment.
Reporting its results for the year to 31 December 2024, the group revealed revenue rising to £199.4m (2023: £189.2m), whilst pre-tax losses fell to £19.8m (2023: £21.2m).
EBITDA was £16.1m (2023: £23.5m), whilst administrative expenses fell by 8.4% to £30.3m (2023: £33.1m).
Kinaxia attributed its improved performance to a major restructuring led by a new management team and a successful refinancing at the end of 2024.
The refinancing deal, which was completed on 21 December 2024, saw majority shareholder Delaware obtain 90% of the group’s equity and revised terms on Kinaxia Transport & Warehousing Limited’s outstanding £39m term loan.
As a result of this transaction, the ultimate controlling party of Kinaxia Limited changed from Ensco 1477 Limited to DELALV Delaware Holdco, LLC, a company registered in Delaware, USA.
In its business review accompanying the results, the group said the financial restructuring provided “a stable medium-term funding platform and reflects the continued ongoing support of its majority shareholder.”
It also revealed further restructuring by the group in 2025. Measures taken included the group’s surrender of its K333 warehouse lease at Trafford Park Manchester in February 2025, which was due to end in February 2031, as part of a wider move to optimise its estate.
It also exited rent agreements for seven units at the Norfolk warehouse estate at Camp Farm in March 2025, ahead of the original expiry date of 31 December 2028.
In addition, on 23 June 2025, the trade and assets of William Kirk Limited were transferred to AKW Global Logistics. Operations at William Kirk’s site in Macclesfield were ended with customers being serviced at a nearby location in Manchester.
Chief executive Graham Cox said: “Early 2025 performance already confirms that our turnaround is taking hold, with the business now trading profitably month-on-month.
“Since January 2025, the new leadership team has implemented decisive restructuring measures. Structural savings of approximately £9m have been secured across property, fleet and headcount.
“The Group’s FY25 management accounts demonstrate clear progress, with EBITDA performance improving and moving from a loss in Q1 to a monthly profit of £0.9m by July, supported by gross margin recovery as the initiatives take effect.
“Kinaxia today is leaner, stronger, and positioned for growth. We are excited about the future and proud of the progress we are making as we build a smarter, more sustainable, and more competitive business for the decade ahead.”
Chairman Gareth Jenkins sdded: “2024 marked a turning point, with decisive restructuring actions, stronger financial discipline, and a successful refinancing that provides a secure platform for growth. Importantly, we are already seeing the benefits of these actions reflected in improved trading performance in 2025.
“The board is encouraged and excited by the positive momentum achieved by the new management team with clear focus on delivering sustainable profitability.
“With strong shareholder backing, a dedicated leadership group, and a well-defined three-year plan, Kinaxia is firmly on the path to long-term success.
“We enter this next phase with significant confidence, knowing that the foundations laid in 2024 and early 2025 will enable the group to capture new opportunities, strengthen its position in the market, and deliver lasting value for all stakeholders.”
