P RESULTS
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Europa's fortunes bounce back in 2010
EUROPA EUROPEAN EXPRESS, which trades as Europa Worldwide Logistics, says it has already outperformed last year's turnover in just seven months of trading.
The Erith-based European distribution specialist saw revenue fall 9.9% to £52.9m for the year ended 31 December 2009, from £58.8m in 2008, while pre-tax profit dropped 55.6% to £720,693 in the same period, compared to £1.6m in 2008.
But Andy Kennedy, MD of Europa, says: "We have beaten last year figures in the first seven months of this year. Up to the end of July we were 20% up on last year's revenue and above 2008, which was one of our best ever years. [However], I'm not sure it will continue, and Q4 will not be as good."
Kennedy says performance in 2009 was adversely affected by competitors reducing rates in competitive tenders, which resulted in reduced margins (CM 11 March). "We negotiated a lot, but it was tough. The margins are still squeezed, but revenue is so much up," he adds.
Europa has recently won contracts with MG Rover, Burberry, and Transport for London to distribute the Cycle Hire scheme bikes.
It plans to open a new 150,000ft2 warehouse in Birmingham before September 2011.