News - 23 May 2008
CEVA Group Plc Results in Line with Expectations
CEVA Group Plc today announced its results for the first quarter of 2008. With total revenues of EUR 1.501 billion, both the Contract Logistics and the Freight Management divisions performed in line with expectations. At 2007 exchange rates, revenues were up by 8% over the first quarter of the previous year on a pro-forma basis (assuming the integration of the former EGL into CEVA was effective on 1 January 2007).
Commenting on the results, CEVA CEO John Pattullo said: “These are encouraging results that show our business goals are being achieved. We are especially pleased with several big new contract wins in the first quarter which will contribute significantly to our growth over the rest of the year. It is pleasing to see that only months after the integration of the two former businesses we are more and more facing the market as one company and one team. CEVA is solidly on track. Having over the past months developed a robust three-year strategy emphasizing our joint Contract Logistics and Freight Management proposition, CEVA is in a good position to compete successfully with the other major players in the industry. We have become a global interdependent organization with strong Key Account Management and Operations Excellence, and this is being well received by customers and employees. Our actual figures have been adversely affected by the deterioration of exchange rates for the US dollar and the British pound against the Euro. EBITDA growth is below revenue growth due to heavy investment in additional business development resources, new country and product start ups, and new initiatives. We are confident our aggressive growth program will yield dividends in the coming months.”
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