Ceva aims to push sales up to 10 billion euros by 2010 – and become the most admired company in the supply chain industry, chief executive John Pattullo said when he unveiled the group’s annual results.
Last year Ceva produced an operating profit (EBITDA) of 263.7m euros on sales of 4.8bn euros. Because of the takeover of EGL, an exact comparison with the previous year is difficult but the group says that on a proforma basis sales of the merged businesses were up 4.5 per cent and EBITDA was up 56 per cent.
Pattullo said: TNT’s contract logistics activities centre primarily in Europe, while EGL’s freight forwarding activities are based mainly in Asia Pacific and the Americas. EGL’s strengths in the technology and retail/consumer sectors complement TNT’s strong presence in the automotive industry.
“And, most importantly, the two cultures have proved very compatible – the process and quality orientation of TNT Logistics alongside the drive and customer focus of EGL form a powerful combination. I am particularly pleased with our new leadership team which combines senior management from the two previous companies with talent recruited externally.
“We will not be the biggest, but we aim to become the best in our sector. To reach this ambitious goal, we will be guided by three strategic imperatives – Unity, Growth, and Excellence. By channelling all of our efforts in these three directions, we will be able to achieve substantial change quickly. 2007 was a year of significant achievement for Ceva,” said Pattullo.