CEVA’s Q4 revenue exceeds pre-recession levels

Revenue for Q4 2010 was up 22% to €1.8 billion (Q4 2009: €1.48bn), which puts it well above pre-recession levels (Q4 2008: €1.6bn).

For the full year, revenue was up 25% to €6.8 billion (2009: €5.49bn).

EBITDA for Q4 was up 35% to €89 million (Q4 2009: €66m), also above pre-recession levels (Q4 2008: €58m).                                              

For the full year, EBITDA was up 25% to €292 million (2009:  €233m).

Commenting on the results, CEO John Pattullo said that the company has focused relentlessly on business basics and on driving a series of transformational projects. 

Geographically, CEVA delivered good results around the world, particularly in Asia Pacific and the Americas.

The Asia Pacific region was driven by strong performance in China and CEVA’s joint venture in the automotive sector, which contributed €94 million to the Group’s revenue.

In the Americas, a robust performance in the automotive sector underpinned good growth in Contract Logistics and excellent progress in Freight Management.

In Northern Europe, revenue was above 2009 levels but economic recovery lagged somewhat as Europe dealt with the Iceland volcanic ash cloud, the repercussions of cargo security threats and a particularly harsh early winter snowfall.

During 2010, CEVA diversified revenues significantly in the SEMEA region. New business wins increased by 60%, reinforcing its market leadership in Italy, where the company entered the pharmaceutical market through an acquisition in June, and enabling CEVA to double its revenue in the Turkish logistics market.