Ambitious and independent logistics operator Europa Worldwide Group has reported its annual financial results for year-end 31st December 2017, revealing how the business is in the strongest and most profitable position in its 50-year history.
Europa’s turnover increased by 24% to £144m – a £28m increase on the previous year – while underlying net profit has increased to £3.2m from £1.1m in 2016. The business has also reported a very healthy increase in its net assets, which now stand at £6.8m compared to £3.7m in the preceding financial year.
Finance Director at Europa Worldwide Group Rob Ross said the business’s latest financial results were a triumph, demonstrating how Europa is now cash generative across all divisions – Road, Air & Sea, Showfreight and Warehouse.
He said: ‘The 2017 results are our best yet and tell the story of a really positive, solid year of growth for our business. These figures show progression across all four divisions of Europa and are testament to the clear, concise and consolidated business plan implemented following the acquisition of the business four years ago.
‘Our focus now is the next five years. In 2018 we hope to move turnover close to the £200m mark, with a target of £4.5m of net profit. We’re setting ambitious yet achievable goals for Europa which we’re confident we’ll hit in the timeframes we’ve set ourselves. Our core product is now rock solid and every single area of the business is profitable – which is a huge transformation in the space of four years.’
Managing Director at Europa Worldwide Group Andrew Baxter added he was thrilled with the financial report for the previous twelve months, which he says reflects a year of great organic growth for Europa.
He said:’In spite of organic growth running at 24%, 2017 was a year of comparative stability for us following the restructuring that occurred in the previous 3 years. Our ethos has always been that movement is essential in order to achieve our goals. We shouldn’t fear the changes that are necessary to sort out and simplify our operations just because they are difficult in the short term – as that’s how we get the best long term results. If an organisation stops progressing and adapting, it turns inwards and starts to move backwards and so I believe that we need to continuously change and refine our operation, even if it is costly in the short term.
‘Our goal for 2018 and beyond is to continue to make substantive steps forward in each division of the business both in terms of organic growth and acquisitions – initially in Road and then in Air & Sea – developing our footprint in Asia and looking to opening new, bigger and better facilities in our warehousing division.
‘The overarching goal is for Europa to be pushing towards the £400m turnover mark by 2022, effectively doubling in size again. We recognise how ambitious this aim is, but with our commitment to driving down costs and driving up quality, whilst maintaining our growth mindset and improving our competitive edge, it is certainly achievable.
‘We’ll continue to invest in our people, our facilities, our equipment and our IT systems as well as our management structures – in essence, we will keep doing things properly – and by doing so we will achieve controlled but rapid growth across all divisions.’
Europa Worldwide Group is a specialist road, air & sea and warehouse operator which employs more than 650 staff across 11 sites in the UK and Hong Kong.