Ceva buoyant in first quarter

CEVA Logistics has posted a 73 per cent rise in profits for the first quarter. Pre-tax revenue rose from €30 million in the first quarter of 2009 to €52 million. Sales were up 14.3 per cent to €1.49 billion. This is compared to 2009’s drop in revenues by 28.5 per cent to €233 million, with sales were down 13.2 per cent to €5.5 billion.

“This is a robust start showing considerable year-on-year improvement, with clear evidence that our continued focus on business development, cash management and structural cost reduction is continuing to deliver results,” said John Pattullo, Ceva’s chief executive officer.

Chief financial officer, Rubin McDougal, said the results were thanks to the company’s cost-reduction programme and the rebound in demand.

McDougal admitted that Ceva will be passing on the rising transports rates onto its customers. “We have had some challenging discussions with customers,” he said.

Meanwhile, Ceva has appointed John Gould its managing director for the Middle East. Gould will be based in Dubai and report to Gianfranco Sgro, president for Ceva in Southern Europe, the Middle East and Africa.

Sgro said: “The Middle East is crucial in our global development strategy: thanks to his deep knowledge of Middle East market, John will be able to realise Ceva’s goal to expand and strengthen its presence in this region, implementing new strategies for business development and identifying new local growth opportunities.”