The chief executive of Ceva Logistics has said reporting a 22% year-on-year fall in profit “simply isn’t good enough” as it continues with further cost-cutting measures.
For the year-ending 31 December 2012 the Ashby-de-la-Zouch based logistics company saw global turnover rise 4.8% to €7.2bn (£6.1bn) but did say that if it had not been adjusted at constant currency rates, revenue would have remained flat.
However, EBITDA (earnings before interest, taxes, depreciation, and amortisation) fell 21.8% to €251m (£213m) compared to its €321m in 2011.
Ceva chief executive Marvin Schlanger said: “These are difficult times for everyone in the global logistics industry and Ceva has not been immune to those pressures. While our revenue line has been resilient, we have seen a marked deterioration in EBITDA in both our freight management and contract logistics businesses.
“This simply isn’t good enough and we have taken action to reverse this decline in profitability. We will continue to take actions necessary to establish satisfactory levels of profitability,” he added.
Ceva has also restructured its debt, reducing it by €1.2bn, and raised €205m of capital for investment.
