EV Cargo has reported an 8% increase in revenue for 2024, reaching £848.7 million compared to £782.6 million the previous year. According to the company’s unaudited financial results released on 10 March 2025, gross profit rose by 11% to £168 million, with a gross profit margin improving to 19.8%.
The company’s EBITDA (earnings before interest, tax, depreciation, and amortisation), a measure of operating profitability, significantly increased from £28.9 million to £53.3 million. EV Cargo attributed this growth primarily to operational efficiencies and strategic investments, particularly in the UK market.
Notably, EV Cargo highlighted substantial changes in its Solutions division, which saw revenue decline from £155.9 million in 2023 to £141.3 million in 2024. This was due to a strategic transformation focused explicitly on managed transport solutions and contract logistics within the UK. Additionally, EV Cargo strengthened its Palletforce network in the UK, expanding membership and distribution capacity to achieve faster growth than the overall market.
The company’s overall growth strategy also included enhancing proprietary logistics technology to boost operational efficiency and customer service, although specific details of these technologies were not disclosed.
EV Cargo’s global workforce was reduced from 2,996 to 2,520 during 2024; however, the press release did not specify the reasons behind this reduction.
“EV Cargo has delivered strong customer service and robust financial results despite a volatile global supply chain environment. Our strategic investments, particularly within the UK, have laid a solid foundation for continued growth and innovation,” stated Executive Chairman Heath Zarin.
Founded in 2018 by Hong Kong-based investment group EmergeVest, EV Cargo operates globally with significant logistics operations, including substantial activities in the UK.