EV Cargo Reports Strong 2024 Financial Results in Transformative Year
EV Cargo reported EBITDA growth of 84%, increasing revenue and gross profit while reducing operating expenses
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.
For further information please contact:
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
27 minutes ago
- Yahoo
Samsung Galaxy S25 Edge review: super thinness above all else
Having been instrumental in the reduction of smartphones to metal and glass slabs devoid of distinguishing features, Samsung hopes that going thinner and lighter with a special Edge edition of its high-end Galaxy S25 Android will prove design innovation isn't dead. The S25 Edge is very thin at just 5.8mm thick – if you ignore the camera bump on the back – making it a full 1.5mm thinner than its similarly sized S25+ sibling and about the same thickness as a stack of seven credit cards. Its light 168g weight makes it feel even thinner than the numbers suggest and photos don't do it justice. The extra thinness costs about £100 more than Samsung's other 6.7in phone with the S25 Edge priced from £1,099 (€1,259/$1,099/A$1,849) placing it between the £999 S25+ and £1,249 S25 Ultra. The large high-quality 6.7in Oled screen is bright, crisp and smooth with a rapid fingerprint scanner embedded in it. The phone's light weight makes it easier to hold than other big handsets but it still requires two hands to use the majority of the time. Slap it in a case and the thickness advantage is essentially removed, so the Edge is a phone best used without one. The rest of the phone is very similar to other Samsungs. It has Qualcomm's top Snapdragon 8 Elite chip, plenty of Ram and at least 256GB of storage. It flies through apps, games or anything else you might want to do with a phone. Samsung's version of Android 15 (One UI 7) works well with plenty of customisation options, though some of the default settings make it a lot more like Apple's iOS than you'd expect. It is packed with plenty of Google and Samsung's most advanced AI tools. Some of them are great, such as Gemini; some are handy occasionally, such as the image editing tools, and others can safely be ignored. The Now bar and live notifications, which show ongoing tasks such as music playing in Spotify, are super handy, appearing on the lock screen and in the task bar on the home screen. Samsung will provide the Edge with software updates until 31 May 2032, making it one of the longest supported phones available. Screen: 6.7in QHD+ Dynamic Amoled 2X 120Hz Processor: Qualcomm Snapdragon 8 Elite for Galaxy RAM: 12GB Storage: 256 or 512GB Operating system: One UI 7 (Android 15) Camera: 200MP + 12MP 0.6x; 12MP front-facing Connectivity: 5G, USB-C, wifi 7, NFC, Bluetooth 5.4, UWB and GNSS Water resistance: IP68 (1.5m for 30 mins) Dimensions: 158.2 x 75.6 x 5.8mm Weight: 163g The Edge's extreme slender design does come with a few drawbacks, the biggest of which is a small battery with a slightly lower capacity than the regular S25. As a result, despite being a large phone the Edge has fairly short battery life. It will last about a day and a half of light usage between charges, so should see out most days, but it falls just short of the smallest S25 and about a day behind the the S25 Ultra. It also gets a little hotter than other Samsung models when gaming, but if you play a lot of Fortnite or similar games the small battery capacity is probably already a cut too far. The other big trade-off for the svelte frame is in the camera department. It only has two cameras on the back, lacking a telephoto sensor as fitted to the rest of the S25 series. The main camera is an excellent 200-megapixel model that is very similar to that on the S25 Ultra. It is a top-drawer camera that is better than the 50MP main cameras on the S25 and S25+. It shoots great photos across a range of conditions, and manages a very good 2x in-sensor zoom to somewhat negate the lack of a dedicated telephoto camera. The 12MP ultra wide camera is solid and can be used for macrophotography, while the selfie camera is very good. The camera app has the same long list of modes as other S25 models, shoots great video and manages to be fairly easy to use. Overall the main camera is excellent and if you never wish to close the distance to objects with a real zoom, it might be all the camera you need. Samsung does not provide an expected lifespan for the battery but it should last in excess of 500 full charge cycles with at least 80% of its original capacity. The phone is generally repairable. Screen repairs cost £259 by authorised service centres and include a battery replacement. Samsung also offers a self-repair programme. The phone contains recycled materials, while Samsung offers trade-in and recycling schemes for old devices. The company publishes annual sustainability reports and impact assessments for some individual products. The Samsung Galaxy S25 Edge costs from £1,099 (€1,259/$1,099/A$1,849). For comparison, the Galaxy S25 Ultra costs £1,249, the S25+ costs £999 and the S25 costs £799. The Google Pixel 9 Pro XL costs £799, the OnePlus 13 costs £899 and the Apple iPhone 16 Plus costs £899. The S25 Edge is an interesting move for Samsung. I don't think many people have looked at their current phone and wished it could be thinner versus lasting longer or having a better camera. Most people use a case and that immediately nullifies the small differences in thickness of most premium devices. But using the Edge has reminded me of just how heavy modern big phones can be. It feels so much lighter in the hand, in your pocket or in your bag while still having a big, quality screen. The battery life is certainly not tremendous, but it hasn't been terrible either, getting through heavy use days with a little left in the tank. The main camera is excellent but the lack of a good telephoto camera might be a deal-breaker for some. I did miss it. And while it feels very solid with a titanium frame and appears to survive aggressive bending, I would not want to sit on it in a back pocket. The S25 Edge is a quality piece of hardware, so if you've ever wanted a lighter, thinner, big-screen phone, this is it. But for everyone else better options exist from Samsung or others at this price. Pros: brilliant and large screen, super light weight, very thin, excellent main camera, fast fingerprint scanner, good software with seven years of support, top Android chip, latest AI features, Cons: no telephoto camera, relatively short battery life, expensive, deserves to be used without a case, still a two-handed device.
Yahoo
31 minutes ago
- Yahoo
ANGLE plc Announces Novel Discoveries Into the Biology of Cancer
PARSORTIX SYSTEM enableS novel DISCOVERIES into the biology of cancer Academic and translational research is the driving force behind the pipeline of next generation cancer therapeutics GUILDFORD, SURREY / / June 10, 2025 / ANGLE plc (AIM:AGL)(OTCQX:ANPCY), a world-leading liquid biopsy company with innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology, is pleased to announce the publication of three new peer-reviewed publications reporting first-in-class research into the biology of cancer and potential therapeutic targets using the Company's Parsortix system. Tumour cell release during surgery for prostate cancer1Professor Klaus Pantel and researchers from the University Medical Center Hamburg-Eppendorf published an article in the Journal of Experimental & Clinical Cancer Research, investigating tumour cell release into the local tumour vein and peripheral veins during surgery in early-stage prostate cancer patients. The study provides first evidence for substantial release of healthy and cancerous cells into the blood during prostatectomy surgery. This research opens a new avenue for the Parsortix system to study the important and under-investigated biology of tumour cell release during surgery to understand the risk they pose to patients, and for the development of strategies to minimise the spread of cancer. Tumour cell release during surgery for ovarian cancer2Professor John O'Leary and researchers from Trinity College Dublin have published similar findings in the European Journal of Surgical Oncology, investigating CTC enrichment from the local tumour vein and peripheral veins during surgery in rare epithelial ovarian carcinomas. They reported higher yields of CTCs and CTC clusters in the local tumour vein when compared to peripheral veins. The study also reported that CTCs were detected in early-stage patients, highlighting the risk of early tumour cell dissemination driving cancer progression even in the initial stages of disease. Overall, the authors state that assessing tumour cell release during surgery is a novel strategy to study the biology of this rare disease. Mechanical conditioning & metastatic implications3Professor Julie Lang and researchers from the Cleveland Clinic have published an article in Cancers, investigating biomechanical adaptions of cells that are associated with increased metastatic potential in breast cancer patients. They studied the expression of 1004 genes via RNA-sequencing that reflect how cancer cells respond to a stiff extracellular matrix described as a mechanical conditioning score. The Parsortix system was utilised to enrich and harvest CTCs from a metastatic cohort of breast cancer patients for analysis and compared these to primary and metastatic tissue. The study analysed RNA from CTCs rather than ctDNA to provide insight into gene expression. They state that: 'When analyzing shed ctDNA, there is no insight into gene expression, but rather only the presence of tumor-specific mutations, which is not directly reflective of dynamic tumor gene expression. In fact, only a very small percentage of DNA mutations are expressed, which is why circulating tumor DNA and RNA from CTCs are not parallel assays'. The study reported that the mechanical conditioning score increases progressively through the metastatic cascade (from the primary tumour to CTCs to the metastatic site) and is associated with increased metastatic potential. These are new insights into the biology of metastatic progression and may guide treatment selection with anti-fibrotic drugs. Overall, these publications further underscore the role of the Parsortix system in helping to advance our understanding of the biology of cancer which will ultimately advance oncology drug discovery and development. Already ANGLE's technology has enabled breakthrough research in a number of areas including the metastatic potential of CTC clusters, new potential biomarkers and a novel drug class. Academic and translational research discoveries made possible by the Parsortix system, have the potential to feed the pipeline of next generation personalised cancer diagnostics and therapeutics, as pharma companies increasingly collaborate with academia4. ANGLE's Chief Scientific Officer, Karen Miller, commented:"We are proud to see ANGLE's technology increasingly being exploited to make novel discoveries into the biology of cancer, which may eventually result in new treatment strategies. With advancing analytical capabilities beginning to realise the vast potential of the circulating tumour cell for its wealth of multiomic information, this contribution to the oncology pipeline will continue to grow. We congratulate these key opinion leaders on their outstanding work, and we look forward to more exciting discoveries in the future." 1. Emurlai, G. et al. Comparative analysis of circulating tumor cells in prostatic plexus and peripheral blood of patients undergoing prostatectomy. J. Exp. Clin. Cancer Res. 44, 143 (2025). 2. Lewis, F. et al. A pilot study evaluating the feasibility of enriching and detecting circulating tumour cells from peripheral and ovarian veins in rare epithelial ovarian carcinomas. Eur. J. Surg. Oncol. 51, (2025). 3. Mouneimne, G. et al. Mechanical Conditioning (MeCo) Score Progressively Increases Through the Metastatic Cascade in Breast Cancer via Circulating Tumor Cells. Cancers 17, 1632 (2025). 4. For further information: ANGLE plc +44 (0) 1483 343434 Andrew Newland, Chief Executive Ian Griffiths, Finance Director Berenberg (NOMAD and Broker) Toby Flaux, Ciaran Walsh, Milo Bonser +44 (0) 20 3207 7800 FTI Consulting Simon Conway, Ciara Martin Matthew Ventimiglia (US) +44 (0) 203 727 1000 +1 (212) 850 5624 For Research Use Only. Not for use in diagnostic procedures. For Frequently Used Terms, please see the Company's website on Notes for editors About ANGLE plc ANGLE is a world-leading liquid biopsy company with innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology using a simple blood sample. ANGLE's FDA cleared and patent protected CTC harvesting technology known as the Parsortix® PC1 System enables complete downstream analysis of the sample including whole cell imaging and proteomic analysis and full genomic and transcriptomic molecular analysis. ANGLE's commercial businesses are focusing on clinical services and diagnostic products. The clinical services business is offered through ANGLE's GCLP-compliant laboratories. Services include custom made assay development and clinical trial testing for pharma. Products include the Parsortix system, associated consumables and assays. Over 100 peer-reviewed publications have demonstrated the performance of the Parsortix system. For more information, visit Any reference to regulatory authorisations such as FDA clearance, CE marking or UK MHRA registration shall be read in conjunction with the full intended use of the product: The Parsortix® PC1 system is an in vitro diagnostic device intended to enrich circulating tumor cells (CTCs) from peripheral blood collected in K2EDTA tubes from patients diagnosed with metastatic breast cancer. The system employs a microfluidic chamber (a Parsortix cell separation cassette) to capture cells of a certain size and deformability from the population of cells present in blood. The cells retained in the cassette are harvested by the Parsortix PC1 system for use in subsequent downstream assays. The end user is responsible for the validation of any downstream assay. The standalone device, as indicated, does not identify, enumerate or characterize CTCs and cannot be used to make any diagnostic/prognostic claims for CTCs, including monitoring indications or as an aid in any disease management and/or treatment decisions. This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: ANGLE plc View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
41 minutes ago
- Yahoo
AA Assist let me down after a collision – and wanted nearly £1,000 to give my car back
When my rear bumper was torn off after a collision with a post, the AA directed me to its Accident Assist service. I was told my vehicle would be recovered immediately and assessed for repairs on the next working day, and that the service would liaise with my insurer. I was also promised a courtesy car. My car was taken into storage over the weekend. Four days later, it had still not arrived at the nominated garage. It eventually arrived on day five, and I was informed it would take up to four days to assess. The courtesy car never happened, and I found my insurer had not been contacted. I lost faith in the service and asked to take my car back and I was told it would cost £991.71 in cancellation fees, including £254.50 for storage over the weekend. I arranged a repair myself which came to £1,200, only marginally more than Accident Assist's bill for messing me around. RB, York The Accident Assist leaflet is unambiguous. It promises a speedy repair, a courtesy car and hassle- and cost-free handling of insurance claims. You received none of these. The storage charges you have been billed for are astronomical and inflated by the delay in removing your car to the garage on the Monday. An online search suggests average storage costs for a car are between £20 and £45 a week. When I queried them, the AA decided it had made a mistake. The £254.50 storage fee, it now claims, is the cost of transferring your car to the garage, and that the cost of its weekend sojourn, also billed as storage, was only £76. It has agreed to refund you the larger sum and a £150 admin fee. As for the delays, AA's argument is 'these things can happen'. The courtesy car, it says, is granted only when the insurer agrees to pay, and the insurer is contacted only when the car has arrived at the repair garage (four days later in your case). Neither of these caveats are mentioned in the terms and conditions. The AA insists it does not take fees from repairers or storage providers, and that it is funded by 'combining a number of services together [for] our insurance customers and breakdown members'. AA Accident Assist says: 'When the customer chose to withdraw from making a claim, we instigated the cancellation process, which the customer was advised of on the initial call. 'We acknowledge that the incorrectly itemised invoice caused confusion and, upon review, we have agreed to reimburse the customer for this error.' You are now appealing to the Financial Ombudsman Service as you feel you are still out of pocket. We welcome letters but cannot answer individually. Email us at or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number. Submission and publication of all letters is subject to our terms and conditions. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
