CEVA manages modest wins

CEVA Logistics has announced it made full year revenues of €5.5 billion in 2009, compared to €6.3 billion the year before.

“Following a challenging first quarter, we delivered solid and progressive results across the remainder of 2009 and overall, we believe that CEVA responded well to a different and demanding trading environment, and is well positioned for the future,” said John Pattullo, chief executive officer of the company.

“In the last quarter we continued to recover volumes and revenues; however as freight carriers removed capacity and rates increased, we saw price increases that we were unable to pass through immediately to customers. We expect to recover these margins in 2010.”

Pattullo cited automotives as one of the company’s key sectors, where volumes improved throughout last year.

“We remain focused on our strategy of increasing our share in other sectors to broaden our markets served and are pleased to report increases in our technology and industrial businesses, with particular growth in the fourth quarter among technology customers. In 2009, our new business wins continued at an enhanced rate and are up 10 per cent compared to 2008. Our ongoing programme of cross-selling wins generated revenue of over €550 million in 2009.”