- 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
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.”