Vos Logistics proved to be resilient in 2020. While the pandemic had an impact on our staff, customers and operations, it was only the year’s results that were hurt, not the company. Excluding the acquisition of SNEL Shared Logistics in early 2020, company turnover dropped to almost € 300 million. The effects of the lockdowns in March, April and May in International Transport largely account for this drop. Consolidated turnover decreased from € 342 million to € 338 million. Lower diesel prices account for € 5 million less revenues.
In line with our strategy, Logistics Solutions (including Bulk Specialties) grew substantially and currently represents 44% of consolidated turnover against 33% the previous year. Indirect costs and depreciations increased following the SNEL Shared Logistics acquisition.
Consolidated earnings before interest (EBIT) and taxation dropped to € 4.6 million. Net profit was € 3 million, equal to last year due to fiscal benefits and a book profit from divestment. The lower EBIT result mainly stems from the Mega network (due to the pandemic), Bulk Specialties (business developments and restructuring costs) and Logistics Solutions Warehousing and Distribution (restructuring costs and crossdock development).