The directors present their strategic report for the year ended 31 December 2024.

Edge Worldwide Logistics Limited ("EWL") is based in Manchester, from which it operates air, shipping and distribution services throughout the UK, Europe and the rest of the world.

Offering a wide range of logistical and digital solutions, EWL enables customers to reduce costs and fully integrate their supply chains.

EWL continues to deliver a high-quality service, ensuring that its excellent reputation and relationships with clients and suppliers alike, are maintained. The Company continues to consolidate its position as a European market leader in the deep-sea movements of frozen foods and agricultural products, and develop strong relationships with retailers and e-commerce businesses around the globe.

During the period, freight rates remained relatively high as the impact of the Red Sea crisis persisted, increasing transit times and leading to capacity issues as shippers utilised alternative routes.

The results for the year and key performance indicators for the Company were as follows:

Period to 31 Dec 2024    Year to 30 Jun 2024

            £'000             £'000         Pro Rata Change

Revenue         69,642             85,178         +63.5%

Operating profit        10,177             12,091         +68.3%

Operating margin    14.6%             14.2%         +0.4%

Profit before tax    12,025             11,897         +102.1%

On a pro-rata basis revenue increased by 63.5% to £69.6m (2024: £42.5m). Company revenue is inextricably linked to global freight rates, which were relatively high throughout the period.

We have continued to gain new customers in both domestic and international markets, with our focus on improving customer experience through our innovative technology. Both our GP% and our OP% have continued to increase during the period as we have focused on higher margin, lower volume work.

Profit before tax is up 101.6% on a pro-rata basis to £11.9m (2024: £5.95m). The increase is reflective of the increased volume of global movements in the period under review, coupled with the higher freight rates. Our customer numbers continue to grow as we develop and enhance our technology offering and data automation to drive efficiency across the cost base.

In December 2024, the business was sold to DP World, a global logistics and supply chain solutions provider, headquartered in Dubai. The expectation for EWL is to become a key freight forwarding asset as part of their logistics solutions in the UK, adding volume, experience and sector experience to their growing global freight forwarding network.

Capital and reserves decreased by 40.0% to £21.8m (2024 £36.3m) during the period. Following acquisition, and in light of the opportunities presented as part of a truly global business, the directors believe the company is in a position to facilitate further growth and continue the strong performance seen in recent years.

Since acquisition we have been working to integrate into both the DP World UK and Global freight forwarding operations. As we become able to leverage their existing infrastructure, assets and expertise in the sector we expect to be able to provide new and innovative solutions to both new and existing customers.

We will continues to invest in both our people and our technology to enhance the customer offering and drive internal cost efficiencies to deliver sustainable future growth. The changes taking place are exciting and we are looking forward to the next 12 months.

The Company's financial key performance indicators are sales turnover, net profitability, cash-flow and working capital, the results of which can be obtained from the financial statements and the business review above.

The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered to relate to competition, foreign exchange, liquidity and customer credit. To a lesser extent the company is exposed to price risk, in addition to customer and supplier retention.

Foreign Currency Exposure

The company is exposed to currency exchange risk as a significant amount of both direct costs and income are denominated in non-sterling currencies. Net exposure of each currency is closely monitored. The Company does not enter into the trading of financial instruments, including derivative financial instruments, for speculative purposes.

Liquidity Risk

Liquidity is managed to ensure the company can meet its financial obligations as and when they fall due. This is met through operating cashflows, with credit facilities available should these not be sufficient.

Customer Credit Exposure

Credit terms are offered to our customers where appropriate, which enables payment to be made after the delivery of goods. Our risk is that a customer(s) may be unable to pay as and when the invoice is due. This risk is monitored by regular credit checks, ongoing ledger reviews and strong customer relationships.

Price Risk

The company is exposed to the changes in market prices of freight rates. As far as possible, price increases are passed onto customers to mitigate this risk.

The directors and senior management actively monitor trading trends and make strategic decisions to mitigate any material threat to the long-term stability of the company.

The Company's financial instruments comprise cash and liquid resources, along with various other assets that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the Company. The nature of these instruments means that they are not subject to interest rate risks.

The freight market has been exceptionally volatile in recent years, and we continue to work closely with our suppliers and support our customers through these testing periods.

Throughout financial period to 31 December 2024, the directors have complied with the requirements of Section 172 of the Companies Act 2006, in promoting the long-term success of the Company for the benefit of all stakeholders. The following disclosure describes how the directors have had regard to the matters set out in section 172(l)(a) to (f) and forms the directors' statement required under section 414CZA of The Companies Act 2006.

Engagement with Stakeholders

The directors consider its shareholders, local community, employees, customers and suppliers to be its core stakeholder groups. As part of its ongoing activities of engaging with stakeholders, the directors have undertaken the following activities in 2024:

Shareholders

We create value for our shareholders by generating strong and sustainable results that translate into dividends. The directors and senior leadership team routinely engage with the shareholders on topics of strategy, performance, planning and governance.

Local Community

We continue to support our local community through fundraising activities, sponsoring local charities and working with local schools and sports clubs. We have an apprenticeship scheme and continue to develop our graduate program, supported by local colleges.

Employees

The Company recognises the need to invest in the continual development of our employees. As we move to the next chapter on our growth journey, training remains at the heart of the business. A dedicated training space features heavily in the design of our head office, encouraging more collaborative ways of working. The design also focuses on having areas for our teams to socialise and unwind.

Customers

In what has been a challenging period across the sector, we have continued to satisfy the needs of both our existing and new customers, providing innovative solutions, and using our buying power to negotiate advantageous long term deals with many of the industry's top transport suppliers. EWL remains transparent and open with its customers.

Suppliers

Our suppliers remain critical to our operations and we continue to foster strong partnerships, adopting a collaborative working approach. We ensure our worldwide partners have strong local market knowledge to guarantee a continuing high level of service from start to finish.

During the period ended 31st December 2024, the company reported the following in respect of energy use:

Period to         Year to

December 2024     June 2024

UK energy use (kWh)                             93,328         196,467

Associated greenhouse gas emissions (Tonnes of CO²)            19.32          40.68

Intensity ratio (Tonnes of CO²)                        0.189      0.399

Associated greenhouse gas (GHG) emissions have been calculated using the annual conversion factors available from HMRC.

Intensity ratio has been calculated using the average number of employees across the group for the period ended December 2024.

The group has taken the decision to implement a number of measures with the aim of reducing emissions. These include:

- Using more energy efficient services in the completion of the refit in the new office.

- Introducing virtual meetings and conference calls, to reduce travel emissions.

- Reducing the number of paper documents and storing more documents electronically.

- Solar panels have now been installed on the roof of our new office to further reduce our carbon emissions.

On behalf of the board

The directors present their annual report and financial statements for the Period ended 31 December 2024.

The principal activity of the company continued to be that of the provision of shipping and distribution services.

Interim dividends were paid amounting to £23,419,850 (30 June 2024: No dividends were paid in the year).

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Identification of the information for which the Company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the Company's strategic report which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report.

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

We have audited the financial statements of Edge Worldwide Logistics Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the Period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

• We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2008, The Human Medicines Regulations 2012 and General Data Protection Regulations (GDPR).

• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to assessing of accruals level at the year end and estimated useful life of the assets.

• Assessing the extent of compliance with or lack of, with the relevant laws and regulations in particular those that are central to the entity's ability to continue in operation.

• Testing key revenue lines for evidence of management bias, and cut-off testing for completeness of income.

• Performing walkthrough testing to test controls and for evidence of management bias.

• Obtaining third-party confirmation of material bank and loan balances.

• Documenting and verifying all significant related party balances and transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some materiall misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are continuing operations.

Edge Worldwide Logistics Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02549469. The company's registered office address is Springfield House, 2 Springfield Road, Sale, M33 7XS.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Preparation of consolidated financial statements

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Edge Worldwide Logistics Limited is a wholly owned subsidiary of DP World Logistics FZE and the results of Edge Worldwide Logistics Limited are included in the consolidated financial statements of its ultimate parent company, DP World Limited which are available from https://www.dpworld.com/en/investors/financials-presentations.

The company has reported a net profit before tax of £true12,025,543 (30 June 2024: £11,896,873) and has net assets at the year end of £21,795,461 (30 June 2024: £36,313,489). The company holds cash reserves of £4,305,794 (30 June 2024: £18,674,979) at the year end and is well placed to continue to its position as a market leader in the shipping and distribution sector. Post year end the company continues to grow and increased profits have been reported. The directors have assessed the future trading position. Cash flow forecasts have been prepared for the next twelve months and the directors have concluded that the company has more than adequate resources to continue in business. As such the going concern basis is considered appropriate by the directors.

Turnover comprises the aggregate of the fair value of the sale of services provided, net of value-added tax, rebates and discounts. Revenue is recognised when a service has been provided to the customer.

The company only recognise expenditure on computer software development in the statement of financial position when it satisfies the general recognition criteria of FRS 102.

Amortisation is provided on a straight line basis over a period of three years in order to write off the asset over its estimated useful life, commencing when the asset has been brought into use.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Given the high specification of the leasehold property, when comparing the cost of the property to the residual value, it is the opinion of the directors that any depreciation charge is considered immaterial.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investments in subsidiary and associate undertakings are recognised at cost.

The subsidiary has not been consolidated as it is not deemed to be material to the company.

Investments in associate undertakings are recognised at cost less provision for any impairment in value.

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to income statement in the period to which they relate.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Dividends

Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

• the requirements of Section 7 Statement of Cash Flows.

In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Reviewing expenditure on intangible assets, such as software, and determining whether that expenditure meets the requirements of FRS 102 for capitalisation requires the judgement of the directors.

The directors make judgements based on historical experience as to the recoverability of trade and other debtors, with provisions being made when this is no longer believed to be the case.

In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Making judgement based on historical experience on the period over which accruals are held. Due to the nature of the industry in which the company operates, it is normal for accruals to be held for a period of twelve months and then reverted if no invoice is received. Further information received after the statement of financial position date may impact the length of period for which an accrual is held.

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

This year there were some one-off expenses related to supplier compensation, professional fees and entertainment, which are shown separately to avoid confusion with routine business operations.

The average number of employees during the year was as follows:

The actual charge for the Period can be reconciled to the expected charge for the Period based on the profit or loss and the standard rate of tax as follows:

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Bank loan was secured by a fixed and floating debenture in favour of National Westminster Bank plc dated 8 October 1998 charged on all assets of the company.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Ordinary shares rank above all other shares. Only Ordinary shareholders have the right to attend and vote at meetings. Ordinary A shares rank above Ordinary B shares and Ordinary B shares rank above all remaining shares.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the Period the company entered into the following transactions with related parties:

Up until 12th December 2024, the ultimate controlling party was EFH Limited.

On 13rd December 2024, the entire share capital of Edge Worldwide Logistics Limited was acquired by DP World Logistics FZE. The ultimate controlling party is The Government of Dubai from this date.