Ceva Logistics pushed up EBITDA by 26 per cent to £74.5 million (86m euros) driven by a focusing on reversing previous margin impacts in the Freight Management business and the improving profitability in the Contract Logistics business.
Sales were up 32 per cent to £1.58bn. The group said Freight Management revenues were now at pre-2008 levels.
Chief executive officer John Pattullo said: “The actions we have taken to recover freight management margins and our ongoing focus on contract logistics profitability have resulted in a quarter three performance which gives us confidence that the full year will be in line with our expectations.”[asset_ref id=”574″] John Pattullo
The Americas recorded a particularly strong quarter with revenue and EBITDA showing year-on-year increases of 37 per cent and 20 per cent respectively. At the end of the quarter, CEVA paid a fine of $4.5m, which it set aside in its 2009 accounts, as part of a plea agreement with the Antitrust Division of the United States Department of Justice to resolve the ongoing investigation into anti-competitive activity in the freight forwarding industry.
Third quarter sales were also boosted by growth in the consumer and retail sectors and improvement in the automotive market. Wins included Wales & West Utilities in the UK, Daikin in Spain, Rui Star in South Africa, Honda in Italy and Koctas in Turkey.