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Results
Vos Logistics achieved sound financial performance in 2019. Consolidated turnover increased by 9% to € 342.3 million. Excluding the Gehlen Schols acquisition, turnover grew by 4%. Organic growth was mainly achieved by High Volume, Mega and Solutions. Earnings before interest and taxation dropped by 30% due to lower results in Mega and Bulk. In contrast, Logistics Solutions and High Volume recorded higher results. Diesel prices fluctuated modestly throughout the year in an upward trend. An inherent delay in compensation through freight rate adjustments negatively impacted price developments. Corporate income tax charges were higher than last year as in 2018 previously unrecognized tax losses could be recognized. Furthermore, the composition of taxable results versus various tax rates in countries Vos Logistics is operating in, caused the consolidated tax rate to be higher than the previous year.
Consolidated indirect staff costs were higher than in 2018 due to growing warehousing and distribution activities as well as the Gehlen Schols acquisition. To drive our digital agenda and prepare for our future, we also expanded the IT team. These moves are proving to be an excellent investment in our future. A considerable part of higher indirect staff and consultancy costs are ensuring Vos Logistics becomes better, faster, cheaper and more sustainable.
