CEVA Logistics has announced its Q2, 2018 figures which exhibit growth, despite a drop in airfreight volumes.
Xavier Urbain, CEO of CEVA Logistics said: "CEVA continues to perform well. We now have achieved seven consecutive quarters of strong top-line growth and stronger EBITDA.
"In the first half of the year, margin growth has been skewed towards Freight Management, we expect Contract Logistics to make more progress in the second half of the year as we have largely addressed the issues.
"Whilst still early days, initial benefits from the deleveraging through the IPO are already materializing.
“We have increased business with some existing clients and are engaged in a number of promising discussions. In general, we have good momentum in business development.
“We are also making progress in developing our partnership with our new strategic shareholder CMA CGM."
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Revenue in CEVA’s Freight Management increased by 8.1% in the second quarter 2018, year on year; in constant currency, revenue growth was 5.4%.
CEVA had good volume growth in ocean trade, up 8.3% in the second quarter and ahead of market growth.
Air volumes were softer, as in Q1, mainly from the earlier loss of certain customers.
Freight Management EBITDA increased by US$7 million year on year to $27 million driven by improved yields in air, increased productivity and progress in reducing losses in other FM activities.
For the first half year 2018, revenue in Freight Management increased by 7.0% year on year in constant currency and EBITDA was $42 million, up $12 million year on year.
Revenue in the second quarter 2018 was $1,848 million, up 7.3% year on year or 5.1% in constant currency.
For the first six months of 2018, revenue was up 5.2% year on year in constant currency.
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