Brexit plans hit profits at Waberer’s

Waberer’s, the giant Hungarian logistics operator, has blame a 6.4 per cent sales fall on lower volumes in the aftermath of the end-March Brexit date, which offset growth in the rest of the business.

Chief executive Robert Ziegler said: “The whole industry was severely impacted by the aftermath of the end-March Brexit date, when demand for transport services inbound to the United Kingdom dropped dramatically as warehouses had previously been filled preparing for a disorderly Brexit.

“As a result of this demand shock, many of our clients shut down temporarily and European cross-border transport capacities were redirected to continental Europe, pushing April and May prices down by as much as 5-10 per cent year-on-year, a sharp contrast to the cost-driven fee increases that we had seen in the months before,” said Ziegler.

The group reported a 6.4 per cent fall in revenue in the second quarter to €172.7 million. It made an operating loss (EBIT) of €5.9 million for the quarter, compared to a profit of €3.3m the year before.