Kuehne+Nagel said it was back on track after results for the third quarter showed that the group increased net revenues by 47%.

Its road logistics division saw net turnover increase by 16% during the period to CHF 922m (£727m) and gross profit rose by 14% to CHF 311m (£245m).

The group said road logistics had been able to significantly increase shipment volume in Q3 and network capacity utilisation was high in Europe, with strong demand in North America.

The unit’s net turnover for the first nine months of 2021 was CHF 2.7bn (£2.1bn).

In contract logistics, K+N’s decision to sell a major part of its UK business in 2020 to XPO (subsequently GXO) led to a 6% reduction in net turnover to CHF 3.4bn (£2.7bn) in the first nine months of the year. Q3 turnover in contract logistics also fell 6%, to CHF 1.1bn (£868m).

The company said that during the quarter, it acquired more customers for the warehousing of vaccines and it added: “For this purpose, an existing temperature-controlled distribution centre in Belgium is currently being expanded to a total of 269,000 sq ft.”

Detlef Trefzger, K+N International CEO, said: “We are on track and were again able to achieve an excellent business result in the third quarter. In the coming months, we do not expect any significant change in the constrained market situation.”