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Sara.Mikunda_43228 Aug 06

TGW reports results rise

 TGW Ltd, which is based in Market Harborough, has achieved a turnover of £126.8m for the year to 30 June 2021, up from £102.2m in 2020.
"The continued growth of the business has allowed us to recruit a further 53 employees ..."
Turnover and pre-tax profits have risen at the UK arm of a material handling, logistics and warehouse automation company, according to new documents.

TGW Ltd, which is based in Market Harborough, has achieved a turnover of £126.8m for the year to 30 June 2021, up from £102.2m in 2020.

Pre-tax profits went from £8.4m to £10.6m over the same period.

Stuart Franklin, chief financial officer, said: "TGW has continued to benefit from the investment in intra-logistics over the last few years, and in particular with the move from high-street retail to online sales.

"The continued growth of the business has allowed us to recruit a further 53 employees during a time when there was uncertainty in the economy due to the global pandemic.

"Additionally, we have continued to invest in our existing employees with our focus upon learning and growing within the organisation; something which we will continue to do moving forwards.

"The other parts of the Northern European division, located in The Netherlands and Sweden, have also seen similar increases in their business volumes over the last year."

A statement signed off by the board added: "The ongoing outbreak of Covid-19 continues to impact the global economy and markets. At this time, the impact of the outbreak on our business has been limited as the progress on construction contracts in progress is uninterrupted, and we have currently not witnessed any significant changes in demand nor in our creditworthiness of customers, whereas supply chains are intact and our liquidity remains healthy.

"However, management closely monitors the evolvement of the Covid-19 situation and the possible future impact on our business. We will take all necessary actions to keep our operations running and, most importantly, protect our employees and customers."
TGW Ltd is part of Austria-headquartered TGW Logistics Group.

Source: Insider Media