Freshlinc sees fourfold profit surge as expansion drive continues
Chilled logistics and storage specialist FreshLinc delivered a fourfold boost in pre-tax profit last year as it continued its drive for growth.
The company, which has its headquarters in Spalding, specialises in the supply chain management of temperature controlled fresh, chilled and horticultural products, with clients ranging from retailers and food manufacturer to growers and importers. It has operating licences for 521 trucks and 885 trailers and offers 500,000 square foot of warehousing for chilled, ambient and frozen storage.
Its latest annual results, for the year to 28 January 2023, have revealed a surge in both turnover and pre-tax profit, with the former rising 13.6% to £144.9m (2022: £127.6m) and the latter leaping to £5.6m (2022: £1.3m).
In its strategic review of the annual results the company said: "In a competitive market, dominated by several large 4PL businesses, we strive to continue to grow our business through further opportunities with our current customers and through new business based on our reputation for quality of service, accessibility to colleagues at all levels within our business, and personal relationships developed over time with our customer base."
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The review also revealed its expansion plans going forward. The company said in order to reach the next stage of growth "it is likely that we will need to enhance our asset base and form strategic partnerships with other companies and groups in the sectors within which we operate.
"We continue to explore possibilities along these lines. In doing so, our twin aims are to maximise the company’s ability to grow profits and market share whilst returning the highest possible value to the shareholders."
Freshlinc said it had made some "significant investment" in its warehousing and IT infrastructures over the period, adding: "Investment will continue over the coming years to ensure we continue to offer state of the art facilities and IT systems as the company continues to grow in both scale and diversity of goods handled."
The company said it will also continue to invest "heavily" in its fleet replacement programme, in driver training and its compliance system and will continue to meet with key customers at least every quarter to review new opportunities.
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