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| CEVA Group sees merged revenue soar by 74pc in Q1 |
| Source：schednet Author： Date：2008-08-20 |
CEVA, an integrated supply chain logistics group formed by combining the former TNT Logistics business and EGL (formerly known as Eagle Global Logistics) in 2007, has posted a first quarter 2008 consolidated revenue of EUR1.50 billion (US$2.20 billion), up 74 per cent year on year.
The group's interim financial results ended March 31 show that within this total, consolidated revenue for contract logistics amounted to EUR845 million, down from EUR853 million for the same period in 2007. Revenue from Freight Management came to EUR656 million.
A group statement said that the primary driver of total growth is theconsolidation of Freight Management revenues in the company following the merger of EGL in August 2007. It said revenue from contract logistics declined in comparison to the prior year period mainly due to currency fluctuations.
"Our results have been significantly impacted by the devaluation of the US dollar and British pound against our reported currency, the euro. At constant exchange rates revenue grew by 8 per cent," the release said.
Revenue was also impacted by strong growth in new contracts andvolume increases from the base business in Australia, South East Asia, China, Central and Eastern Europe and Turkey, but was partly off-set by contract terminations in France and North America.
Consolidated EBITDA before specific items amounted to EUR72 million. EBITDA before specific items excludes unusual or one off items and on this basis the group's EBITDA as a percentage of sales is 5 per cent.
Contract Logistics' EBITDA before specific items decreased to EUR44 million for the three months ended March 31 from EUR49 million for the corresponding period a year ago.
"The merger with EGL is the primary driver of our growth in the period ended 31 March 2008 compared to the period ended 31 March 2007 as the transaction was effective from 2 August 2007. In addition, our operating income and EBITDA in 2008 and 2007 is impacted by the costs associated with the combined group and those associated with the merger of EGL in those years," the group statement said.
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