EV Cargo Reports Strong 2024 Financial Results in Transformative Year
Strategic investments and initiatives combine to power compelling results
EV Cargo expects continued growth and success in 2025 and beyond
HONG KONG, March 10, 2025 (GLOBE NEWSWIRE) -- EV Cargo Group Limited, a leading global transport and logistics services provider, is pleased to announce its unaudited financial results for the year ending 31 December 2024.
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.
Strategic Highlights
Global network development: In recent years, we have completed and integrated significant acquisitions, opened new offices and facilities across key geographies and strengthened strategic relationships. EV Cargo now operates a global network of 90 offices across subsidiaries in 21 countries.
Expanded industry solutions: We have increased the number of industry verticals within our overall customer proposition where we have the powerful combination of deep subject matter knowledge, established operational capability and a strong track record of success.
Strengthened the Palletforce network: We have increased the Palletforce member network, strengthening our service, adding capacity and growing faster than the overall market.
Transformed the Solutions division: We have 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: We have invested meaningfully in our proprietary software, such as Alliance, LIMA, EV Flow and EV Track, as well as world class third-party systems to advance our digital strategy, including the use of AI powered productivity tools.
Culture: 2024 saw the EV Cargo brand, culture and identity genuinely come to life like never before. On a global basis, our people are aligned and committed to our mission of managing supply chains for the world's leading brands.
Financial Highlights
Revenue growth: Our customer-focused approach and successful expansion initiatives resulted in revenue of £848.7 million, representing an increase of 8% compared to 2023. Global Forwarding & Technology 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%. Solutions had a modest revenue decline as part of its transformation initiative.
Gross profit expansion: Our commercial and operational initiatives combined with revenue growth saw gross profit increase by 11% to £168.2 million, with gross profit margin increasing to 19.8%. Global Forwarding & Technology, which represents 68% of EV Cargo's gross profit, increased by 20% as compared to 2023.
EBITDA growth: EBITDA (before special items) grew to £53.3 million, representing an increase of 84% and an EBITDA margin of 6.3%. Our focus on streamlining operations resulted in a £7 million net reduction in operating expenses, demonstrating our commitment to maintaining a lean and agile business model while also investing for growth.
Financial strength: Net interest-bearing debt stood at £95.3 million as of 31 December 2024, representing 1.8x EBITDA. 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.
Executive Chairman's Statement
Heath Zarin, 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.'
About EV Cargo
EV Cargo: We manage supply chains for the world's leading brands
EV Cargo Group is a leading global transport and logistics services provider, specialising in comprehensive solutions across air and sea logistics, road logistics and contract logistics.
Headquartered in Hong Kong, EV Cargo boasts a robust network of 2,500 supply chain professionals strategically positioned in over 90 locations worldwide. With more than 3 million square feet of warehousing space and operations across 21 countries, the company is well-equipped to manage mission-critical supply chains for the world's leading brands.
The company operates through three key divisions: Global Forwarding & Technology, which focuses on innovative freight forwarding and logistics solutions; Palletforce, a leading express palletised distribution network; and Solutions, which provides tailored managed transport and contract logistics services. Together, these divisions enhance EV Cargo's ability to deliver exceptional value and efficiency to its clients.
Guided by core values of growth, innovation and sustainability, EV Cargo is dedicated to unlocking value in its customers' supply chains. The company focuses on reducing operating costs, enhancing customer service, and optimising inventory management, ensuring that clients can thrive in today's competitive landscape.
At the heart of EV Cargo's success is its commitment to excellence. The company's global network combines industry-leading technology with a talented workforce to deliver cutting-edge supply chain solutions that foster the growth of exceptional businesses.
Founded in 2018 by EmergeVest, a Hong Kong-based private investment group, EV Cargo continues to expand its impact on the logistics sector, driving forward with a vision for a more efficient and sustainable future.
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