Revenue rises at CEVA

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CEVA increased revenue by 5.2 per cent to $7.4 billion last year, although EBITDA was down 13.9 per cent to $198 million.

The company is currently the subject of a friendly bid by CMA CGM, its largest shareholder.

Chief executive Xavier Urbain said: “CEVA finished the year with sound commercial performance in 2018. Margins have been impacted by one-time costs, in particular Contract Logistics in Italy. Looking ahead, we are confident in our ability to meet our enhanced medium-term targets with the support of our strategic partner CMA CGM.

“The organisation is on track to accelerate its transformation and turnaround action plan in the next three years and beyond. Our expectations for 2021 are to exceed US$9 billion of revenue and reach an Adjusted EBITDA of US$470-490 million which corresponds to an EBITDA margin of 4.5 to 5 per cent. A new chapter for CEVA is being written, together with our strategic partner.”

CMA CGM launches bid for CEVA

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