Ceva Group first quarter results

Hoofddorp, The Netherlands:  Ceva Logistics, a non-asset based supply chain company reports revenue of €1,712m driven by strong performance in contract logistics and ocean freight in its first quarter trading ending in March.

Adjusted EBITDA was €66m, down 7% reflecting difficult market conditions particularly in airfreight, it said.

John Pattullo, chied executive said: “Our ocean business performed well and we continued to make solid gains in contract logistics driven by excellent performance from the automotive and industrial sectors.  The airfreight market continues to be challenging, with Ceva’s performance mirroring that of many of our competitors.”

Revenue for the group increased 2% to €1,712m (2011: €1,686m) in the quarter. Contract logistics revenues increased 3% driven by the automotive sector, particularly in Asia and North America, as well as strong year-on-year growth in the Industrial sector.

In freight management, where revenues were flat overall, ocean freight performed well following significant management focus in 2011, while disappointing airfreight performance mirrored a difficult quarter experienced by the broader airfreight market.