DSV profit rises by a third

DSV increased its operating profit by almost one third to DKK 3.7 billion in the first nine months of 2017, while revenue was up from DKK50.1bn to DKK55.9bn.

Chief executive Jens Bjørn Andersen said: “A strong commercial and operational performance in Q3 has driven earnings growth of more than 30 per cent and a volume performance in line with or above the market. We are pleased to see our business continuously improving, and based on this, we upgrade our expectations for 2017 and launch a five-month share buyback programme of DKK 1,250 million.”

It has increased its operating profit forecast for the full year to DKK 4.7-4.9bn from DKK 4.5-4.7bn.

It said the revised expectations are partly driven by higher than expected activity levels, mainly in the Air & Sea division. At the same time, the cost synergies from the UTi integration have been achieved faster than expected in 2017.