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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOVIANTO UK LIMITED
COMPANY INFORMATION
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MOVIANTO UK LIMITED
CONTENTS
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MOVIANTO UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors submit their strategic report for Movianto UK Limited (the “Company”) for the year ended 31 December 2025.
The principal activities of the Company during the period were the provision of specialist distribution and warehousing services for the healthcare and pharmaceutical sectors, the sales of pharmaceutical products and the provision of sales order processing for customers. This includes the obligation to continually meet the requirements of the nature of products which we store and deliver, including ambient temperature controlled and active cold chain.
The trading results for the year and the Company’s financial position at the year-end are shown in the financial statements and accompanying notes on pages 18 to 36.
The key performance measures ("KPIs") used for assessing performance and financial position are considered to be the following:
Performance for the year ended 31 December 2025
Turnover for the year ended 31 December 2025 was £210.0m (2024: £207.1m). Profit before tax was £2.9m (2024: £2.5m loss), representing a year on year improvement of £5.4m. Net assets were £9.4m (2024: £5.9m), reflecting improved profitability and a reduction in borrowings. The year represented a period of financial recovery for Movianto UK, with the Company delivering a significant improvement in financial performance compared to the prior year. This reflects progress made during the year in strengthening the Company’s operational and financial position, supporting the longer term objective of sustainable growth and enhanced long term profitability. During 2025, the Company continued to focus on productivity, growth, and ESG. Revenue increased by 1.4% year on year, driven by a combination of strong customer retention and new business wins. Alongside revenue growth, the Company maintained a disciplined focus on sustainable productivity improvements across its warehouse and transport operations, including: • Route optimisation through the implementation of new software (DiPS) • Improved fleet utilisation and a reduced cost to serve • Enhanced driver behaviour supported by telematics
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MOVIANTO UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The economic environment remained challenging, including the impact of the H.M. Government increase in employer’s National Insurance contribution rate. While inflationary cost increases were largely recovered through price increases to clients, the Company also implemented a disciplined cost management programme to ensure overall performance was not adversely affected.
On the 10 December 2025, the Company was acquired, as part of a wider acquisition of the Walden Healthcare group of companies, by Yusen Logistics (Europe) B.V., part of the Yusen Logistics Group and ultimately the NYK Group. The Yusen Logistics Group has identified healthcare logistics as a core business segment and a priority investment area.
No integration costs were incurred during 2025. However, the Company might reasonably expect to incur some integration costs in 2026, particularly in relation to IT systems and network integration. While additional costs are anticipated, the Company also expects to benefit from synergies across the wider group, including opportunities across the client base and procurement activities. The Company continues to play an important role in the healthcare supply chain, distributing life saving medical products and supporting public health. The Company remains committed to delivering high quality service, both now and in the future. In 2026, the Company will continue to focus on its strategic priorities of productivity, growth and ESG, alongside planned integration activities with the Yusen Group. While the external economic environment is expected to remain challenging, the Company remains focused on delivering further improvements in operational and financial performance in 2026 and beyond.
Regulatory Risk
The Company operates in a highly regulated sector and could be adversely affected by changes in existing regulations, new regulations and/or failure to comply with regulation. The Company is subject to a range of regulations such as product traceability and conditions under which products must be stored. Failure to comply exposes the business to regulatory, operational and reputational risk. The Company mitigates this risk through the implementation and ongoing maintenance of a comprehensive quality management system. This includes: • clearly defined governance arrangements, • formally licensed activities, • validated systems, • trained and competent personnel, • documented procedures, • robust record keeping, and • effective change control. Regulatory compliance is overseen through routine internal audits, management review, deviation and CAPA management, and proactive engagement with regulatory authorities. These controls are designed to ensure continued licence compliance, safeguard patient safety, and maintain supply continuity.
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MOVIANTO UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Competition Risk
Changes in market dynamics, consolidation among manufacturers and wholesalers, or aggressive pricing and service offerings from competitors could adversely impact the Company’s market share, revenues, and margins. The business faces competition from other specialist healthcare logistics providers as well as alternative supply routes, including direct distribution models and in house logistics solutions. The Company mitigates this risk by building a strong, trusted brand in pharmaceutical logistics and by deepening long term relationships with customers. This is achieved through consistently high service levels, quality and compliance performance, reliable supply continuity, and transparent regular customer engagement. Pricing Risk Volatility in the cost of key commodities and services (including fuel, energy and other purchased inputs) may increase operating costs and, if not recovered, adversely impact margins and profitability. The Company manages its exposure to pricing risk on large commodity purchases by applying, where practical, surcharge mechanisms within customer contracts. Customer contracts are also subject to an annual price review, which helps to offset inflationary cost increases. Liquidity Risk The Company adopts a prudent approach to managing liquidity risk, ensuring the company maintains access to sufficient funding to meet both its operational needs and long-term strategic objectives. The company benefits from participation in group-wide cash pooling arrangements, which enhance short-term liquidity management. These arrangements enable efficient allocation of surplus cash across the Group and provide the Company with timely access to funds to meet working capital requirements or to respond to unforeseen cash flow needs.
As a Company engaged in healthcare distribution, we know how important it is to care about others. We therefore support several initiatives in social responsibility and also motivate our teammates to be engaged in such activities. To further build on this, Movianto UK Limited has, through its Employee Consultation Group established a list of charities across our sites - something local and meaningful to teammates - which it will support through various fundraising and engagement events such as Christmas raffles.
The Company operates a volunteer time off policy to provide eligible teammates with one day of annual leave in order to engage as volunteers in a broad range of social, environmental and charitable initiatives.
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MOVIANTO UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The services provided by Movianto UK Limited depend on the trust and confidence of its stakeholders to operate sustainably in the long term. The Company seeks to put its clients’ best interests first, invest in its employees, support the communities in which it operates and strive to generate the best result for its shareholders.
The directors of Movianto UK Limited have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172 (1) of the Companies Act 2006. Section 172 considerations are embedded in decision making at board level. Issues, factors, and stakeholders which the directors have considered when discharging their duty under section 172 (1) are mentioned within this Strategic Report. Our vision, purpose, and values are set out across both this Strategic Report and the Directors’ Report, as are the risks facing the Company, our environmental and social practices, examples of stakeholder engagement and information about our engagement with employees, shareholders, and suppliers.
This report was approved by the board and signed on its behalf.
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MOVIANTO UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 to 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Notwithstanding the fact that the Company has accumulated losses, the directors are confident that the new focus of the Company will lead to an improvement in liquidity in the short to medium term and that the Company has adequate financial resources to enable it to continue to trade for the foreseeable future.
As a consequence, the directors believe that the Company is well placed to manage its financial risks successfully despite the current economic outlook. The directors are satisfied at the time of agreeing these financial statements that it remains appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.
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MOVIANTO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The profit for the year, after taxation, amounted to £3,525 thousand (2024 - loss £2,467 thousand).
No dividend was paid during the year (2024: £nil).
The directors who served during the year were:
During the financial year, the Company continued to invest in its people, recognising that our workforce remains fundamental to the success of our operations. As at the year end, the Company directly employed 1345 individuals across a variety of roles and locations, with additional temporary labour through established agency relationships.
Building on the strong foundations of our established People Strategy, our focus this year has been on strengthening our employer voice, enhancing recognition, creating opportunities for growth, and embedding a robust governance framework. This approach ensures that our people agenda remains aligned to our strategic ambitions while delivering a consistent and fair colleague experience across the business. We have continued to strengthen our employer voice and colleague engagement through the investment in our Your Voice representative network, alongside the promotion of We are Walden. These channels enable transparent communication, celebrate success, and provide meaningful opportunities for teammates to share feedback and influence the direction of the business. Recognition and wellbeing remain central to our approach. We have embedded our Teammate of the Month recognition programme, aligned to our core values, ensuring that the right behaviours are consistently recognised and rewarded across the business. This has been complemented by the culmination of our inaugural Teammate of the Year awards, celebrating those colleagues who make a significant contribution to our culture and performance. Alongside this, we have continued to invest in colleague wellbeing through targeted campaigns, expanded access to mental health first aiders, and the promotion of tools that support work-life balance, reinforcing our commitment to a supportive and high-performing environment. Following the establishment of a dedicated Training and Development team, we are continuing to unlock the potential of our teammates by creating accessible opportunities for development and long-term career progression. This investment enables us to upskill colleagues across all areas of the business, ensuring that everyone can grow and succeed.
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MOVIANTO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Participation in formal apprenticeship programmes has increased to 3% of our workforce, strengthening our pipeline of future talent across multiple functions and providing structured development pathways for colleagues at all levels. In addition, further cohorts of our People Leader programme have been delivered to enhance manager capability across the business, equipping our leaders with the skills and confidence to drive performance, engagement, and sustainable growth.
We have also built on the foundations of our Diversity, Equity and Inclusion strategy, achieving Disability Confident Level 2. This reflects our ongoing commitment to providing inclusive employment opportunities and ensuring that individuals living with disabilities are supported to access, thrive in, and progress within our organisation. Our continued focus on cultural change, engagement, capability and governance is delivering tangible outcomes. Employee turnover has reduced by a further 6% and now sits below industry average alongside stable and manageable absence levels. Looking ahead, our People Strategy will continue to build on these foundations, with a clear focus on strengthening capability, fostering an inclusive and engaging culture, and ensuring strong governance. This will enable us to support our teammates effectively while positioning the business to meet the evolving needs of our clients and the wider industry.
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MOVIANTO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
We continuously renew our fleet within cycles between 4 and 7 years by which we benefit from the progressive improvement of the new engines with lower fuel consumption. We also continuously monitor and train our drivers about fuel efficient driving.
We care about energy wastage and so to avoid high energy costs and consumption we do invest in technology to provide our chill capacities, both during warehousing (cold rooms) but also during active-cold-chain transportation, in more efficient ways.
The Company's greenhouse gas emissions and energy consumption are as follows (in tonnes of CO2 equivalent):
Energy conversion factors are taken from the Department for Energy Security and Net Zero's greenhouse gas conversion factors for company reporting, published in July and updated in October 2025.
The following conversion factors have been employed: 2025 2024 UK grid electricity 0.17700 kg CO2e per KWh 0.20705 kg CO2e per KWh Natural gas 2.06672 kg CO2e per cubic meter 2.04542 kg CO2e per cubic meter LPG 1.55713 kg CO2e per litre 1.55713 kg CO2e per litre Gas oil 2.75541 kg CO2e per litre 2.75541 kg CO2e per litre Diesel 2.57082 kg CO2e per litre 2.51279 kg CO2e per litre Petrol 2.06916 kg CO2e per litre 2.08440 kg CO2e per litre NB: 1 TCO2e = 1,000 kg CO2e
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MOVIANTO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Information on the strategy and objectives of the Company (including its principal activities) and on future developments can be found within the Strategic Report.
The auditor, Forvis Mazars, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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MOVIANTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOVIANTO UK LIMITED
We have audited the financial statements of Movianto UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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MOVIANTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOVIANTO UK LIMITED (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. 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 course of 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year 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.
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MOVIANTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOVIANTO UK LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to loss reserves, and significant one-off or unusual transactions.
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MOVIANTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOVIANTO UK LIMITED (CONTINUED)
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
• Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations; • Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and • Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. Our audit procedures in relation to fraud included but were not limited to: • Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; • Gaining an understanding of the internal controls established to mitigate risks related to fraud; • Discussing amongst the engagement team the risks of fraud; and • Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's 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.
for and on behalf of
Chartered Accountants & Statutory Audit Firm
Harcourt Centre, Block 3
Harcourt Road, Dublin 2
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MOVIANTO UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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MOVIANTO UK LIMITED
REGISTERED NUMBER: 01243938
BALANCE SHEET
AS AT 31 DECEMBER 2025
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MOVIANTO UK LIMITED
REGISTERED NUMBER: 01243938
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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