Turnover at Ceva Logistics fell 6% in the first three months of 2013, while its profit halved as the company continued with its cost reduction measures.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell to €31m (£26m), compared to €66m in the first quarter of 2012.

Global turnover fell to €1.6bn, compared to €1.7bn in the same three months a year ago.

Ceva CEO Marvin Schlanger said: “The weak economic conditions impacting the global logistics industry continued to weigh on customer sentiment during the first quarter, impacting both revenue and adjusted EBITDA.

“This is disappointing; however, we have now taken significant and decisive action to strengthen the company’s balance sheet through a major capital restructuring,” he added.

Earlier this month Ceva finalised the recapitalisation of its balance sheet, which saw it shed €1.3bn of consolidated debt.