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The economic downturn in Europe had its impact on our business. After severaly ears of growth, we were confronted with a lower demand for storage and transport services in most of the markets we operate, especially in the second half of 2023. This required a lot of effort from our organization in finding the right balance between reducing capacity to adjust to market demand while keeping track on our strategic objectives. It put us in a position to consider some sharp choices.
In addition to the downsizing of our fleet and optimizing our organization, we restructured our Home Delivery operation. This will continue in a smaller size as a service extension for Warehousing clients. As the impact of these actions came with delay, we couldn’t avoid closing the year with a loss. We are grateful to our team for supporting us in the choices made and their determination in executing the actions needed.
Positive impulse
We kept strong focus on our customers, providing them with relentlessly high service levels and supporting them in their business decisions. We see this recognized in the positive feedback we receive from them, as well as in the encouraging order-intake of new business, from both existing and new customers. Although this new business did not compensate sufficiently for the lower volumes of 2023, it will give a positive impulse in the year ahead. We benefitted from the ‘Power of our Shared Network’ in serving our customers, sharing resources and cross-selling.