Excluding the upcoming acquisition of ITN Logistics Group, expected to close in Q1 2025, Scan Global Logistics has made acquisitions totalling $183m in 2024 alone. Over the past seven years, the company has completed nearly 20 acquisitions, with the largest being the $109.2m purchase of Foppiani Shipping & Logistics.
For Q4 2024, Scan Global Logistics reported revenues of €687m, bringing its total revenues for the full year 2024 to €2,383m. This marks a 1.9% increase compared to Q3 2024 and a 17.8% rise year-over-year from FY 2023. According to the forwarder, the growth was largely driven by double-digit organic growth in Air & Ocean volumes, combined with recent acquisitions in Italy and Brazil, which resulted in a 10% year-over-year increase in gross profit.
Full-year 2024 EBITDA, excluding special items, increased by 1% year-over-year to €195m, compared to €193m in 2023 (pro forma), and €102m in the reported figures. Despite these gains, the company continues to face significant pressure on margins due to ongoing challenges in the air and ocean logistics sectors.
All in all, Scan Global has maintained a strong market position both locally and globally. Strategic initiatives have allowed the company to gain market share, including attracting new customers from both large enterprises and small- to medium-sized businesses.
Revenue from Air & Ocean grew by 25%, likely reflecting the benefits of investments made through recent acquisitions. However, the Road and Solutions segments saw declines of 17.3% and 45.9%, respectively, due to the increased complexity of shipments stemming from geopolitical challenges.
Outlook for 2025
Looking forward to 2025, Scan Global Logistics expects to maintain a high level of activity, driven by recent commercial investments and the ongoing impact of its acquisitions.
Author: Shruti Sasidharan
Source: Ti Insight
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