Revenue grew in real terms by just over 1%. However the reported Group turnover, including joint ventures and associates, was £786.8m compared to £1,056.3m in 2013.
John Neill, Unipart chairman and group chief executive, said: "During the year we achieved our targets across all our operating units. Our turnover, for the most part, comes from the fees from our many clients.
"In the past, a major client required us to account for sales of products to their customers, which resulted in those sales appearing as part of our reported turnover.
"In the process of taking on more of their global operations, we restructured that arrangement so that those sales are now accounted for by our client with them taking the associated credit risk. The turnover reflects that change from sales to fees. It does not therefore result in a decrease in our business activity, rather the opposite, as our business continues to grow substantially and profitably."
He added: "Our investment in The Unipart Way, our proprietary system for employee engagement and operational excellence, has led to increased business with global brands...
"In our manufacturing operations in the Midlands, new facilities were opened during the year, each equipped with new production technologies. On our Coventry site, in collaboration with Coventry University, we opened the Institute for Advanced Manufacturing and Engineering to develop much needed young engineers for the UK."
