AIRFREIGHT helped DAMCO, one of the world’s leading freight forwarding and logistics service providers, achieve a six per cent increase in first-quarter (Q1) net revenue, with a total of US$773 million, compared to $728m in the same period of 2012.
Business was spurred by rising airfreight volumes, which showed a rapid growth of 15 per cent over 2012 – a performance well ahead of the market.
The growth is attributable largely to the acquisition last year of Pacific Network Global Logistics (PacNet).
“Overall our performance in Q1 has been satisfactory, with solid growth in most products and underlying trading only slightly below 2012,” states Rolf Habben-Jansen, chief executive of Damco.
“In Q1 we made significant investments to adjust our business model – in light of the changing market – to make it more scalable and to enable further growth and profit improvement in the years to come,” he adds.
The company will continue to make investments. “This quarter we also completed the headquarters’ relocation, have made very good progress in rolling out our new Unity global IT platform and have successfully integrated the PacNet acquisition’’, Habben-Jansen adds.
“In 2013 we will be taking some important steps forward in simplifying our business and further raising the efficiency of our operations. We are also planning to invest in growing our geographical footprint as we would like to be where our customers need us to be in the future, which will mean expanding our network from around 350 to 600 offices over the next three years.”
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