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Vos Logistics achieves volume growth in challenging 2022
- Turnover increases by 13 percent to € 408 million, net result € 1 million;
- Increased costs resulting from EU Mobility Package and surging diesel prices absorbed by markets;
- Strong performance in Warehousing, International Freight Management and Benelux Distribution;
- Performance of International Transport negatively affected by staff shortages, disruptions in supply chains and market volatility;
- A firm financial position provides a solid basis for volatile market conditions in 2023.
European logistics service provider Vos Logistics achieved a turnover of € 408 million in 2022, an increase of 13 percent compared to 2021. This growth is predominantly driven by increased warehouse activities, higher selling rates and fuel price compensation. Consolidated earnings before interest and taxes (EBIT) increased to € 4 million (2021: € 0.7 million), yielding a net result of € 1 million (2021: break-even). The liquidity position decreased as a result of higher investments as well as pandemic support repayments but remained solid, while solvency increased to over 23%. Vos Logistics invested € 27.5 million (2021: € 21 million) in fleet renewal, warehousing and digital transformation. Among many other assets, we acquired six battery-electric trucks for Benelux Distribution, as part of our energy transition roadmap towards zero-emission transport and logistics services.
Solutions, with a focus on Warehousing, Benelux Distribution and International Freight Management, saw positive developments in turnover and profitability. We grew volumes and optimised the operational processes of new customers onboarded in 2021 and created a solid foundation for further growth in 2023. Strong focus will be placed on digitalisation of processes, as a means to further improve productivity, meeting the demand for short and flexible response times and the challenges of a tight labour market.
International Transport faced a challenging year. The market absorbed cost increases due to surging diesel prices and the EU Mobility Package. Disruptions in automotive supply chains and relocation of production in the petrochemical industry led to lower volumes and a decrease in loading efficiency. The high demand for international transport services and scarcity in capacity resulted in higher prices in spot markets. As most of our business is confirmed in contracts, we had limited ability to benefit from these market circumstances.
Inflation and the ongoing war in Ukraine are main drivers of uncertainty in 2023. We will focus on expanding our Solutions business while taking a consolidating approach to International Transport.
Ben Vos, CFO of Vos Logistics, explains the expectations for 2023: “Since the end of 2022, the economy has lost pace, driven by inflation and market uncertainty. This slowdown will have an impact on international trade and logistics and influences our activities. Over the past years, we have invested in equipment, real estate and digital transformation which enables us to respond timely and effectively to volatile markets and economic turmoil, allowing us to offer optimal and efficient solutions to our customers. Vos Logistics is well equipped to remain robust and solid in 2023.”
Frank Verhoeven, CEO of Vos Logistics adds: “Our cutting edge is currently in the Solutions division. Using the power of our shared network, we have a strong market proposition for efficient, cost-effective and high-value services in warehousing, distribution and freight management. Over and above investing in digitalisation and our roadmap towards zero-emission services, we invest in training and development for our people. They are the ones who are making our vision of sharing our network happen on a day-to-day basis. We are proud of our achievements in the previous year and we believe that we have built a strong foundation for a good performance in 2023.”