CEVA 2011 profit increases 9.9pc to US$422 million, record sales up 0.7pc

2012 03 08

NETHERLANDS based CEVA Logistics has posted a 9.9 per cent increase in operational profit of EUR321 million (US$422 million) in 2011, drawn on record revenues of EUR6.9 billion, up 0.7 per cent year on year.

Ocean freight volumes increased 17 per cent. The company has since increased staffing to launch a new less than container load (LCL) service.

In early 2012, the group completed a "transformational equity and debt funded financing", which eliminated over EUR850 million of debt, strengthened the balance sheet, and positioned CEVA well for future growth.

"We improved our financial performance substantially in the first half year and have maintained top line performance in a more challenging economic environment in the second half," said CEO John Pattullo.

"Our recent transformational financing has strengthened our balance sheet and positions us well for profitable growth in the future," said Mr Pattullo.

In a statement the company said it expects economic uncertainty in the coming year. "We have identified and prioritised actions to continue to strengthen our business model, even with this external background, and build our market position so that we outperform our peer group in 2012."

Source Shipping Gazette - Daily Shipping News

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