Kuehne+Nagel stages 2020 recovery to end year with record results

Kuehne+Nagel said 2020 was a year of two halves, with a weak first semester followed by a strong second resulting in a group net turnover of CHF 20.4bn (£15.8bn).

The “remarkably good” results came in a year the logistics giant described as being marked by crisis, with the CHF 712m (£551m) reduction in turnover blamed on lower volumes in the first half.

Group gross profit was CHF 7.5bn (£5.8bn).

It said a focus on logistics within the pharmaceutical industry had proven its value and had helped drive growth.

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Contract logistics achieved market share gains in pharma and healthcare sectors, as well as in e-fulfilment, despite net turnover falling by almost 10% to CHF 4.9bn (£3.8bn) and gross profit by a similar amount to CHF 3.6bn (£2.8bn).

In its road logistics division, Q4 saw a significant increase in numbers of shipments compared to the previous quarter and demand in domestic transport in Europe reached pre-crisis levels.

Net turnover for this division fell 10.2% to CHF 3.2bn (£2.5bn) with a gross profit of CHF 1.1bn (£843m).

Dr Joerg Wolle, Kuehne+Nagel International AG chair of the board of directors, said: “We were able to close the year 2020 with a record operating result – this shows the strength and resilience of our company.

"With the successful completion of the restructuring of contract logistics, we are now ideally equipped for continued positive development.”