Ceva on The Mall

... but hold your judgement until it files its 2012 figures.

Last week we reported Ceva Logistics chief executive Marvin Schlanger as saying the 2012 profit performance at the firm “simply isn’t good enough”.


MT.co.uk also spoke to Ceva’s chief financial officer Rubin McDougal as its profit performance in 2012, alongside a deal that saw its debt restructured, saw a much heralded IPO on the New York Stock Exchange postponed.

Ceva has been on a worldwide cost-cutting mission that McDougal said was being applied primarily outside of the UK.

“The UK is seeing less impact and cost-cutting because it actually is doing very well. We are doing very good business there,” he said. These numbers show why.

In 2007 TNT Logistics became Ceva Logistics after a buyout by venture capital firm Apollo Management. What was TNT Logistics UK changed its name to Ceva Logistics Ltd, the firm that now reports Ceva’s road freight performance in this country.

This is its annual turnover figures since that deal:

2011 £394,277,000

2010 £389,793,000

2009 £400,581,000

2008 £475,433,000

2007 £466,890,000

Pretty much in line with the performance of the industry as a whole. However pre-tax profit makes far better reading:

2011 £14,396,000

2010 £13,258,000

2009 £2,948,000

2008 £7,365,000

2007 £17,151,000

We will be reporting its 2012 figures as soon as we get them. Could things have gone south? Not likely given McDougal's comments...