CEVA increased adjusted EBITDA by 9.3 per cent to $280 million last year, on revenue up 5.2 per cent at $7 billion.
Chief executive Xavier Urbain said: “Our Excellence Program has delivered important cost savings and has supported much better profits despite market headwinds. At the same time, revenue growth across Contract Logistics and Freight Management has been very good. With stronger revenue, profits and cash flow, we have delivered on all our objectives.”
“CEVA’s competitive position has much improved as evidenced by the important business wins we have had in recent months. Through the transformation we have initiated in 2014, CEVA is a much stronger company now. However, we still have ample opportunities to improve margins and deliver even better service to our clients – this is what we are working on.”
Revenue growth in Contract Logistics was 2.8 per cent in constant currency. “We experienced strong customer traction in a number of verticals, notably consumer & retail including e-commerce, industrials and automotive.”
Contact Logistics EBITDA for the full year stood at $154 million, up $9 million in constant currency.
In Freight Management, air freight volumes in 2017 were up 11.6 per cent year on year with particularly strong fourth quarter performance on transpacific trade lanes.
Ocean freight also had a good fourth quarter with volumes up 6.9 per cent year on year.
Overall, freight management revenue was $3.3 billion in 2017, up 8.6 per cent in constant currency. EBITDA was $76 million, up $13 million in constant currency.
