DSV Group has upgraded its full-year outlook for 2022 based on the logistics company’s “strong performance” in the first nine months of 2022 and its expectations for the fourth quarter.
The Danish-owned global transport and logistics company which consists of DSV Road, DSV Air and Sea and DSV Solutions, operates a UK division which has depots in Glasgow, Chester-le-Street, Immingham, Manchester, Birmingham, Bristol, Purfleet, Harwich and Fareham. It has operating licences in the UK for 364 trucks and 356 trailers.
In its interim financial report for the third quarter of 2022 the group said EBIT before special items is expected to be in the range of £2.8m - £2.9m (DKK 24,500m - DKK 25,500m) previously £2.7m - £2.9m (DKK 23,000m - DKK25,000m).
- DSV opens new Leicestershire facility
- DSV Road profits rise despite slip in turnover
- Brexit border problems force DSV Road to hike surcharges to Europe by 25%
It added that it is confident its business model will weather the current economic uncertainty.
Jens Bjørn Andersen, DSV group chief executive said: “We are very pleased to report a strong set of results for Q3 2022 and for the first nine months of the year.
“All three divisions continued the good performance with growth in earnings and market share gains across most of our business areas.
“The global economic uncertainty has increased, but we have great trust in our flexible business model which enables us to quickly adapt to changes.”
In its latest annual results to 31 December 2021, published in August, the UK division of DSV Road reported turnover rising to £199.9m (2020: £177.8m). However pre-tax profit fell in the period to £14.4m, down from £16.1m in 2020.
The company attributed the decline in pre-tax profits to an increase in its cost base due to the Covid-19 pandemic and the additional one-off cost of integrating Agility Logistics, which DSV Road bought in November last year for £14.9m.