Profits rise at CEVA

CEVA increased adjusted EBITDA by five per cent to $124 million in the first half of 2017, while sales were up 2.6 per cent at $3.3 billion.

In the second quarter, the Freight Management division achieved revenue growth of 8.8 per cent YoY in constant currency. Air freight volumes were up 15.6 per cent and ocean freight up 3.5 per cent.

The Contract Logistics division had notable business wins in automotive, consumer & retail and e-commerce during the second quarter. As a result, revenue was up 4.5 per cent in constant currency.

Chief executive Xavier Urbain said: “The Excellence Program, with a relentless focus on impeccable execution and productivity is demonstrating a strong momentum and we shall see more impact in the coming quarters. We have made much progress in terms of cost reductions and cash flow and we keep winning new business.

“In view of these improvements, we confirm our expectation for robust results in 2017 in EBITDA and cash flow.”