CEVA Logistics has posted first quarter revenue of EUR1.49 billion (US$1.82 billion), an increase of 14.3 per cent compared to the first three months of 2009.

First quarter EBITDA before specific items was up 73.3 per cent year on year to EUR52 million, in part due to higher revenues and the continuation of the company's cost reduction programme. New business gains totalled EUR484 million.

The company also refinanced over EUR1 billion of debt, maturing between 2014-2016, with the new debt due in 2018.

"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 CEVA chief executive John Pattullo.

A company statement said that throughout the first quarter it saw revenue growth in its Contract Logistics operations with healthy growth in its retail, consumer and global automotive businesses.

"The compression of freight management margins, which the industry experienced in quarter four of last year, has continued into 2010 as a result of a pickup in volumes coupled with constrained capacity. The impact on EBITDA has been mitigated through increased freight volumes, most notably originating in Asia Pacific," it said.

Source: schednet