Published by Insider Media
PROFITS JUMP AT LOGISTICS GIANT
Pre-tax profits jumped at the UK arm of an international logistics giant, which works with the likes of watch maker Seiko, Mitsubishi and AstraZeneca, during its latest financial year despite the impact of the Covid-19 pandemic.
Japanese-owned Yusen Logistics UK, which is headquartered in Northampton, has reported pre-tax profits of £13.4m in the 52 weeks to 27 March 2021, up from £2.3m in 2020.
Its revenue increased from £219.4m to £227.7m over the same period.
The company also has worked with the likes of Glenmark Pharmaceuticals, Haier, Hoover Candy, Honda, Casio and Halfords and operates in the automotive, aerospace, retail, healthcare, technology and food sectors.
It has bases in Manchester, Leeds, Rainham, Bristol, Staines, Tamworth, Egham, Nottingham, Bedford, Milton Keynes, Sunderland, Derby, Glasgow and West Drayton.
A statement signed off by the board said: "Although the company posted a significant loss in April 2020, due mainly to the temporary closure of automotive manufacturing facilities for two customers and a reduction in transport activity, it recovered well.
"The varied portfolio of customers managed by the company ensure overall performance was not impacted, with volumes in asset light logistics and international freight forwarding unaffected.
"Volumes in consumer electronic and white/brown goods reported significant growth on the back of increased ecommerce activity."