Darren Leigh, Unipart Chief Executive Officer, said: “I am proud of Unipart’s outstanding financial and operational performance in 2024, the same year we celebrated the 50th anniversary of the Unipart brand. We have delivered strong order book and revenue growth and significantly improved profitability, and made great progress in delivering our growth strategy and being a supply chain performance improvement partner for our customers.
Watch Unipart Chief Executive Officer Darren Leigh summarise the 2024 financial results
Strong year of growth & expansion, celebrating 50 years of the Unipart brand
Highlights
- Turnover increased to £1,081.1m, up 3.2% year-on-year
- Underlying PBIT grew 29.5% to £28.1m
- Balance sheet strengthened – net cash position at year-end of £25.1m, a £27.0m improvement, net assets increased by 72% to £119.3m
- Invested in two acquisitions to bolster UK manufacturing capabilities and rail sector offer in Australia
- Launched operations in Saudi Arabia and Vietnam, Unipart’s 21st and 22nd markets
- Recognised for and sustained world-class safety performance
- Continued delivery of net zero commitments through carbon reduction
- Celebrated 50th Anniversary of the Unipart brand
Unipart, the supply chain performance improvement partner, has announced another strong year of growth and expansion in 2024.
Turnover increased to £1,081.1m (2023: £1,047.9m) and underlying profit before interest and tax increased to £28.1m (2023: £21.7m). The company also improved its financial position through achieving a net cash surplus of £25.1m at year-end, demonstrating robust operational efficiency and capital discipline.
Darren Leigh, Unipart Chief Executive Officer, said: “I am proud of Unipart’s outstanding financial and operational performance in 2024, the same year we celebrated the 50th anniversary of the Unipart brand. We have delivered strong order book and revenue growth and significantly improved profitability, and made great progress in delivering our growth strategy and being a supply chain performance improvement partner for our customers.
“Alongside strong financial results, we invested both across our operations and in several strategic acquisitions to grow our supply chain offer for customers. The launch of our new operations in Saudi Arabia and Vietnam, bolstering of our UK manufacturing capabilities, and acquisition in the rail sector in Australia reinforces our ambition to be the driving force behind efficient, resilient, sustainable supply chains. Looking ahead to 2025, we are focused on accelerating our digital and AI-driven capabilities, expanding our partnerships, maintaining our unrivalled commitment to safety and further embedding sustainability across our operations.
“Thank you to our people, who by keeping The Unipart Way at the heart of everything they do continue to add the most value for our stakeholders, and thank you to our customers and partners for their continued trust and collaboration.”
Business growth
Unipart secured several major contracts and expanded its customer base throughout 2024. The acquisition of Formaplex Technologies, now Unipart Polymer and Composite Solutions, expanded expertise in lightweight manufacturing for automotive, aerospace, and healthcare sectors. Unipart also acquired a rail bearings and axle box overhaul business in Sydney, Australia, strengthening rail sector capabilities in the Asia-Pacific region.
Unipart extended a 20-year partnership with Sky and a 24-year partnership with Vodafone, each by another three years. In the consumer and retail sector, Unipart won a three-year contract with Vanchanggo, a pet supplies retailer in South Korea, and a five-year contract with a toy retailer supporting their supply chain partnership with a supermarket and its 850-store network across the UK and Ireland. Unipart extended supply chain partnerships with a number of automotive OEMs across operations in the UK, US and Asia-Pacific.
Unipart extended all its major rail contracts due for renewal in 2024. In the rail and public transport sector, Unipart announced strategic partnerships with Thomson Engineering Design, Racine Railroad Products UK, and Trainvac Group.
Unipart’s specialist construction business, which is pioneering a technology of laser-cut cages for modular building, successfully delivered nearly 200 beams for a major development in London. Also in the industrials sector, Unipart’s heat exchange business delivered its largest order in history for a project in the UAE, and saw business wins in Turkey, its largest heat exchange market.
In 2024, Unipart officially established operations in the Kingdom of Saudi Arabia, the largest economy in the Middle East focused on its transformation to a Europe and Asia logistics hub through its Vision 2030 strategy.
Technology
Unipart defines four fundamental technologies transforming supply chains: automation, data science and artificial intelligence, internet of things and sensors, and digital twins. These technologies underpin Unipart’s approach to supply chain management, ensuring resilience and efficiency.
Unipart has been proactive in deploying cutting-edge digital solutions, securing five Innovate UK collaborative research and development projects in 2024. The company has partnered with universities, catapult centres, small and medium enterprises (SMEs), and industry experts to develop customised technological solutions for customers. In the automotive sector, Unipart participated in an £11m UK government-funded project to industrialise inverter and converter manufacturing, aiming to build local capability and reduce carbon emissions, and ultimately support the competitiveness of the UK electric vehicle supply chain.
One major area of focus is remote condition monitoring (RCM). Unipart, through its subsidiary Instrumentel, has worked with Porterbrook to integrate RCM technology into rolling stock. This has led to increased vehicle reliability, reduced maintenance time, and improved real-time asset tracking. Unipart’s Eco Insight product uses RCM to help businesses optimise and reduce energy use and carbon output.
Unipart has developed digital solutions for the rail industry, including Vision Insight, a thermal optical camera system with AI algorithms that detects faults on moving trains. The company designed a digital token block controller for Network Rail, enhancing safety and efficiency in rail operations. In addition, Unipart’s level crossing solution in collaboration with AtkinsRéalis and Newgate, LX PLUS, reduces installation time by over 20%, improving operational efficiency.
Safety & Sustainability
The Unipart Way continues to drive a unique company culture, which at its heart adds the most value for stakeholders. This approach embeds environmental, social, and governance (ESG) principles into Unipart’s core strategy, ensuring long-term sustainability, resilience, and value creation for stakeholders.
Unipart remains committed to achieving carbon net zero by 2040, reducing greenhouse gas emissions through energy efficiency, renewable energy adoption, and sustainable supply chain practices. Unipart’s commitment to its ambitious net-zero 2040 target saw a 16.7% reduction in carbon intensity ratio in 2024. The company aims for a 90% reduction in Scopes 1 and 2 greenhouse gas emissions by 2030 and a 90% reduction across all three Scopes by 2040, a target validated by the Science Based Targets initiative.
Unipart has implemented Eco Insight, a digital platform that monitors energy consumption and carbon output, enabling businesses to optimise their environmental impact. Unipart also focuses on waste reduction, circular economy solutions, and sustainable procurement. The company ensures 97% of its UK sites use 100% renewable electricity, with a 31% reduction in gas consumption since 2021. Its efforts have earned the British Safety Council’s Globe of Honour for sustainability for 12 consecutive years.
Unipart prioritises employee engagement, wellbeing, and safety. It maintains an industry-leading mental health support program, with more than 250 trained mental health first-aiders and company-wide mental health awareness training. The British Safety Council awarded Unipart the Shield of Honour following a five-star wellbeing audit in 2024.
Unipart maintained its ISO 45001 accreditation across logistics, rail, and manufacturing, with its transport operations achieving Silver in the Fleet Operator Scheme. The company earned four RoSPA Gold Medals and added more British Safety Council Sword of Honour awards with world-class health and safety audit scores.
The company fosters an inclusive workplace, ensuring equal opportunities and actively addressing unconscious bias in recruitment. Unipart engages in community outreach and through its annual Big Charity Challenge raised more than £56k for local charities in 2024, the highest-ever total.