Ceva Logistics, which recently saw its long-running relationship with Crown Paints extended, has seen group profit fall after its contract logistics businesses was affected by Europe’s economic malaise.
While revenue in the first half of the year was up 5.5% at €3.5bn (2011: €3.4bn), EBITDA slipped 10.5% to €136m (2011: €152) as a consequence, despite growth in the group’s ocean freight business.
John Pattullo, chief executive of Ceva, says: “Transpacific volume and weakness in Southern Europe remain a concern. As a result, we have introduced an even more rigorous approach to cost management to support delivery of our strategic plan.”
Ceva says it is looking at cost-cutting in certain underperforming contract logistics contracts as a result.
