DSV Panalpina withdraws 2020 outlook
17 / 03 / 2020
DSV Panalpina has withdrawn its outlook for 2020 as market conditions remain hard to predict.
The Copenhagen-based freight forwarder said that financial results for January were on budget but in February were around DKr150m lower than expected.
“As a result of the current global outbreak of coronavirus, supply chains and the global transport and logistics markets are currently seeing a substantial negative impact,” it said.
“During February, the impact was mainly related to transports from and to China, but now the impact on supply, demand and transport and logistics capacity is global.
“Due to the changed outlook for the global supply chains and transport and logistics markets, we expect a negative impact on our business and financial performance in the coming months.
“Given the rapid day-to-day developments in many markets, we are currently unable to accurately assess the magnitude of this short-term impact, and we thus withdraw our outlook for 2020 pending further clarification of the market developments and the actual financial impact on our business.”
The company said, however, that it expects the ongoing integration of Panalpina, which it acquired last year, to continue as planned.