Unipart announces financial results for the year ended 31 December 2023
Unipart delivers strong growth and revenues exceed £1bn
Profits recovered well following a year of significant growth and expansion
- Like-for-like revenue increase by 14.2% to more than £1bn for the first time
- Profit recovers and exceeds pre Covid levels
- Strong year end cash position with minimal borrowings
- Continued strong safety and environmental performance
OXFORD, England, April 9, 2024 /PRNewswire/ -- Unipart, the supply chain solutions and performance improvement technologies partner, is pleased to announce it delivered a strong year of growth and expansion in 2023.
Group turnover increased to £1,047.9m (2022: £917.3m), delivering underlying Group profit before interest and tax to £21.7m (2022: £12.2m). Unipart's international regions delivered strong profit growth, with the UK business showing solid progress over 2022.
Darren Leigh, Unipart Chief Executive Officer, said: "I am proud of the progress we've made in accelerating our growth in 2023. It was a strong year for us - surpassing £1 billion in revenue and materially strengthening our profitability.
"In the face of ongoing market headwinds and external disruption to global supply chains, Unipart's supply chain solutions and performance improvement technologies are needed by our customers more than ever before. We are uniquely placed to offer deep supply chain expertise coupled with delivery of high performance and value for our customers. I would like to thank our colleagues for their dedication and hard work, and our customers and partners for their ongoing support and commitment.
"With a clear growth strategy across our seven core market sectors, a robust order book and a talented, committed team of experts, I am confident in the outlook for 2024 and our next chapter of growth.
"This is an exciting year for Unipart - we celebrate the 50th anniversary of the Unipart brand. While much has changed over the last half century - today we stand as a diversified business of over 12,000 colleagues operating in 21 countries - what has always remained at Unipart's core is our commitment to serving our customers better than anyone else."
John Neill, Unipart Executive Chairman, said: "This year we celebrate the 50th anniversary of the Unipart brand and the guiding philosophy established in 1974: "To understand the real and perceived needs of our customers better than anyone else and serve them better than anyone else." Living by this philosophy has enabled us to continually reinvent our business to participate in the future and continuing to do so is more important than ever.
"We need to keep growing in a faster changing world which in some respects is hard to calibrate so we must and will embrace the multitude of Generative AI tools to enable us to create innovative products, services and solutions for our company and our customers. I have been very encouraged by Darren's personal commitment to the philosophy and unambiguous commitment to The Unipart Way which continues to be our source of competitive advantage.
"Unipart pioneered the stakeholder management philosophy in Britain and I'm grateful to all of our stakeholders, particularly to our customers and all my fellow employees for their engagement, support and commitment."
Contact: Alistair Drummond
alistair.drummond@unipart.com
tel: 01865 383068
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