Gist rebounds from pension scheme woes to report £33m profit

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Gist reported a £33m pre-tax profit in 2020, bouncing back from a loss the previous year caused by £28.5m in costs incurred due to the closure of its pension scheme to new members.

The company, which provides supply chain services for retailers and manufacturers, also reported a broadly static turnover for the year ending 31 December 2020, of £471.8m (£471.1m).

It said that the pandemic had changed consumer behaviour and volume volatility in the UK food market place and Brexit had affected importing and exporting arrangements.

However, the company added: “Overall food retail activity levels have remained solid and the company has maintained its level of sales compared to the previous year.”

In 2019, Gist reported an operating loss of £13.9m and a pre-tax loss of £14.2m.

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In its review of the business, it explained that those results took into account £28.5m of costs “incurred due to the closure of the defined benefit pension scheme to future accrual”.

Gist added: “The strategic priorities of the senior leadership team during 2020 were strongly influenced by the Covid-19 pandemic.

“This included the health, wellbeing and safety of employees and their families, customers and the local community.

“In line with government advice, employees were instructed and equipped to work from home and, where for the majority of our employees based at site this was not possible, the company employed social distancing and other comprehensive health and safety measures.”

In September 2020, Michael Chambers took over as chief executive following the retirement of Martin Gwynn.

The post Gist rebounds from pension scheme woes to report £33m profit appeared first on Motor Transport.

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