Logistics operator Europa Worldwide Group has broken the £100m barrier for in its annual results for year ending 31 December 2016.
The results reveal the rewards of a successful 12 months of business, which show turnover growth year on year up by 20 per cent.
For the first time in its 50-year history the company has broken through the £100m turnover mark, reporting 2016’s figure to be £116m – a £20m increase on the previous year, while profit before tax has increased to £2.3m from a loss of £1.6m in 2015.
Each division of the business – Air and Sea, Showfreight, Road and Warehouse – have all seen turnover growth respectively too, with Warehouse almost 50 per cent up on its 2015 revenue figure. Projected turnover for the business for 2016-17 is £140m, with strong growth trajectories now established across all areas of the business.
The £100m milestone is all the more important for the business, as it follows on from a challenging couple of years during which its owner Andrew Baxter (right) initiated a significant restructuring to ensure a solid platform for growth.
After acquiring Europa in 2013, Baxter aimed to turn it into the market leader for the distribution of goods between the UK and Europe. He set himself the target of 2018 for this goal, and he says the business is well on track to achieve it.
Baxter commented: “Our annual results for 2015-2016 are very positive, given the complex process of restructuring which came before. We needed to make these changes in order for Europa to thrive in the future – but it wasn’t easy and there were many obstacles in our way.
“Yet we came out the other side and I’m extremely proud to say we are now stronger than ever before. I truly believe that by this time next year, we will be the leading operator for European goods distribution – a fantastic achievement which will be, as always, thanks to the commitment, passion and vision of the brilliant people who work for Europa.”
Finance director Rob Ross (left) added: “We’re thrilled with the return to profitability which we’ve seen in the last year, with the business now in a healthy and positive financial position.”