Adjusted EBITDA at Ceva Logistics doubled to $80m (£51.6m) during the second quarter of 2013 as it continues to restructure its balance sheet and experience more growth in the UK.CEO Marvin Schlanger told Motortransport.co.uk that the operator is seeing definite growth in the UK market after experiencing a relatively slow start to the year.
“We are seeing continued growth in the consumer goods and technology markets,” Schlanger said. “Our customers are telling us that they expect more growth in the latter part of the year and our job is to respond to customers’ demands.”
Despite EBITDA rising from $40m (£25.7m) in the first quarter, year-on-year EBITDA is still down 2.4%.
Schlanger said: “In the face of executing our recapitalisation and relatively difficult market conditions, we were able to double adjusted EBITDA sequentially and approach our results from last year.”
Its results for the three months to 30 June 2013 also revealed a 1.4% increase in turnover for the quarter, to $2.14bn (£1.38bn), but like-for-like turnover slipped 6.2% mainly due to lower volumes in its freight management business.
Turnover in contract logistics fell 1.4% due to lower volumes in several markets, mainly in parts of Europe, however adjusted EBITDA rose 34.9% in the division as higher margins in Europe and the Americas offset lower volumes in Asia.
Schlanger added that most of the firm’s European growth is coming from northern Europe, with some struggle in southern European countries, especially Italy.
