FY21 Highlights:
- Revenue increased by 70.5% to £1.127 billion in 2021
- Gross profit increased by 47.1% to £144.5 million in 2021
- Overall revenue increases across air & sea freight, road freight and contract logistics
- Significant year-on-year volume growth from existing customers
- Acquisition of Fast Forward Freight and Air Express Cargo during 2022
HONG KONG, Dec. 14, 2022 (GLOBE NEWSWIRE) -- EV Cargo, the leading global freight forwarding, supply chain services and technology company, today announces its 2021 full year results.
EV Cargo had a strong year in 2021 and posted record revenues of £1.127 billion, an increase of 70.5% from 2020. Gross profit increased by 47.1% to £144.5 million and profit before tax increased from £6.0 million in 2020 to £35.6 million in 2021. Trading in the current financial year remains strong and in line with management’s expectations, as EV Cargo plans further expansion across the UK, Europe and Asia.
During 2021, EV Cargo, which manages supply chains for the world’s leading brands, shared its strategic plan to surpass £2.5 billion of revenue by 2025, guided by its core values of growth, innovation and sustainability.
EV Cargo’s sustainability strategy gained huge momentum during 2021. Led by a commitment to the UN Global Compact, EV Cargo is committed to being carbon neutral across scope 1 and 2 emissions by 2030, driven by an ambitious decarbonisation roadmap. EV Cargo also made significant progress on diversity, equality and inclusivity initiatives, with improved gender equality and more women in senior roles. The company is a purpose-led organisation focused on powering the global economy by enabling trade.
Commenting on the results, Heath Zarin, Founder, Chairman and CEO of EV Cargo, said: “I’m proud of EV Cargo’s record-breaking performance during 2021, and the progress we have made overall has exceeded even my own ambitious targets.
Throughout 2021, global supply chains faced ongoing disruption and volatility. As we undertook our mission of managing supply chains for the world’s leading brands against a challenging backdrop, our colleagues excelled in managing our strategic relationships with air, ocean and road carriers, ensuring volume and price commitments were honoured. The ability to procure freight capacity combined with agility, investments in innovative technology and an impressive speed to market allowed us to launch new solutions in response to the challenges and move at pace to ensure continuity of service for our customers and minimise disruption to their flow of goods.
Thanks to the dedication and service of our global team, EV Cargo is financially strong and robust with significant resources available to execute our growth strategy, complemented by an unparalleled breadth of capabilities in the markets in which we operate.”
Notes for editors
About EV Cargo: Created by EmergeVest, EV Cargo is a global technology-enabled supply chain and logistics execution platform for the world’s leading brands, providing air and sea freight, road freight and contract logistics services. EV Cargo’s experienced team of 2,900+ employees operating from 78 offices and locations worldwide offer unique mission-critical end-to-end supply chain solutions to more than 9,000 customers across the retail, consumer and industrial sectors. EV Cargo’s global network includes direct investments in 25 countries and further operational coverage through partners in 150 countries. For 2021, EV Cargo’s revenue surpassed $1.5bn, moving more than $50bn of merchandise between 700+ country pairs.
EV Cargo is a purpose-led organization focused on powering the global economy. EV Cargo manages supply chains for the world’s leading brands, which includes the flow of goods, data and funds on behalf of pioneering businesses of all sizes. Guided by its core values of growth, innovation and sustainability, EV Cargo is committed to its vision of driving the digital transformation of logistics, through its proprietary tech platform ONE EV Cargo. When matched with the insight of EV Cargo subject matter experts, the company provides a unique technology-enabled service and acts as a digital hub enabling global trade.
EV Cargo was created in 2018 by Hong Kong-based growth-oriented private equity investment group EmergeVest, facilitating a step-change in value creation via a sizeable, scalable and diversified logistics-technology company, well-positioned for future growth.
Media contact:
For further information please contact:
Christen Thomson, Senior Director, Citigate Dewe Rogerson:
christen.thomson@citigatedewerogerson.com
