Ceva Logistics has posted a 30 per cent rise in first half EBITDA to 152 million euros, after winning new business worth one billion euros. First half sales were up five per cent to 3.4bn euros.
In line with market trends, the group saw some softening of the global freight market, driven mainly by lower airfreight volumes predominantly in the Americas and Asia Pacific regions.
Chief financial officer Rubin McDougal said that by managing margins Ceva was able to maintain flat year-on-year revenues, at constant exchange rates. To this end Ceva also increased its freight management business wins by 17 per cent year-on-year, with new business across all regions and particularly in the technology, automotive and energy sectors.[asset_ref id=”668″] Rubin McDougal
Sales in the Contract Logistics business were up nine per cent year-on-year at constant exchange rates. This growth was experienced in all regions, driven by new contract wins and the continued expansion of services offered to existing customers.
John Pattullo, chief executive said: “Despite the industry-wide softening of freight volumes, we have increased freight management business with our global customers and we have experienced growth in our contract logistics business in all regions. Our new business performance in the period has been excellent with significant wins and contract extensions.”
IN the second quarter, the group also limited its net working capital and which is now 19m euros compared to 57m euros at the end of quarter two 2010.
The group’s future plans are to continue growth, specifically investing for growth in China.