– Revenue of €1,686 million, up 13.3% year-on-year
– Group launches innovative end to end global supply chain solution.
|€ millions||Q1 2011||Q1 2010||Change|
|EBITDA before specific items1||71||52||36.5%|
1EBITDA excludes the impact of specific items which are significant non-recurring items such as restructuring, integration costs, and certain legal expenses.
Commenting on the results, John Pattullo, CEO said: “I’m delighted with our strong performance. These results prove the benefits of the structural changes we made in 2010 and have positioned us well for continued future growth and development.”
CEVA has entered 2011 in a strong position following the sequential improvements demonstrated in 2010. This momentum has continued with revenue increasing 13.3% over the prior year at €1,686 million and, most pleasingly, EBITDA continuing to show improvements at €71 million for the Quarter – an increase of 36.5% on the same period in 2010.
The Group saw strong results in both air and oceanfreight – freight volumes increased, particularly the trans-Atlantic lanes, and margins improved year-on-year. Following the earthquake and tsunami, we experienced some reduction in outbound volumes from Japan; however we do not expect this to be material to performance in 2011.
Contract Logistics and Freight Management each performed well and geographically we have delivered good results around the world in terms of both revenue and profit, particularly in Asia Pacific. The business experienced growth in our key market sectors of Automotive, Consumer and Technology, as well as Industrial. During the First Quarter we achieved over €528 million of new business wins with a record performance in March.
Launch of Supply Chain Solutions
Today, we have announced the creation of a new organization within CEVA, Supply Chain Solutions, and launched our latest SMART Solution, SMART End to End. CEVA’s Supply Chain Solutions organization has been created in response to the changing and evolving needs of large, global customers and includes 185 employees and five control towers around the world. As customers have shifted to sourcing, manufacturing and distributing products on a global basis the complexity of managing their supply chains has increased, while high performance and total cost remain key criteria. The Supply Chain Solutions team will use the experience and expertise that already exists within CEVA to consolidate different structures, organizations and resources to further strengthen our global team and upgrade our End to End Solutions – a key part of the CEVA story – to drive strategic advantage for its customers throughout their supply chains.
We remain convinced that our well defined business model of selling integrated logistics and freight management solutions to sophisticated global customers will drive continued success. This is against a backdrop of healthy markets where we see general activity levels growing at six to eight per cent.
For more information contact:
CEVA Group Marketing & Communications
+44 7795 314010
CEVA – Making business flow
CEVA Logistics, one of the world’s leading supply chain companies, designs and implements industry leading solutions for large and medium-size national and multinational companies. Approximately 50,000 employees are dedicated to delivering effective and robust supply chain solutions across a variety of sectors and CEVA applies its operational expertise to provide best-in-class services across its integrated network, with a presence in over 170 countries. For the year ending 31 December 2010, the Group reported revenues of €6.8 billion. For more information, please visit www.cevalogistics.com