Logwin remains moderately optimistic for 2019
The Logwin group has increased its revenues from EUR 540.1 million to EUR 560.1 million in the course of 2019 to date. Both business segments Air + Ocean and Solutions contributed to the sales development. In the Air + Ocean business segment, the increase in sales is mainly attributable to a slight increase in volumes with on average slightly increased rates in ocean freight.
“In air freight, revenue declined in line with the general market environment due to lower volumes and rates,” tells a press release of the group. In the Solutions business, the increase in revenues resulted mainly from a pleasing volume and price development in international transport activities. The development of contract logistics and the German transport network had a dampening effect on revenue growth.
The operating result (EBITA) of the Logwin group increased to EUR 23.9 million compared with EUR 22.9 million in the first half of 2018. The Air + Ocean business segment contributed to this improvement with a rise in earnings of EUR 0.9 million to EUR 22 million (2018: EUR 21.1 million).
The Solutions business also achieved an increase in earnings to EUR 5.5 million (2018: EUR 4.8 million), which, however, was attributable to a one-off effect with a decline in operating performance. At EUR 17.8 million, net profit for the period was at the previous year’s level on the basis of the positive development of operating earnings and lower tax expenses.
“Moderate sales growth is still expected for 2019 despite the noticeably deteriorating economic environment,” the group tells in the press release. Due to the usual seasonal and business-specific uncertainties for the logistics industry and in view of the expected further economic downturn, the Logwin Group continues to expect a decline in operating earnings compared to the previous year. The forecast business development will
depend in particular on a corresponding development of the global economy.