CEVA has seen revenue fall year-on-year (YOY) by 7.8 per cent in the first half of 2016 to $3.23 billion, after recording $3.5 billion in the same period last year.
The freight forwarder’s Earnings before interest, taxes, depreciation, and amortization (EBITDA) also fell 5.6 per cent in the six months to $118 million, down from the 2015 half-yearly figure of $125 million.
Freight management EBITDA was $30 million. Airfreight volumes were up 6.6 per cent in the second quarter, and CEVA’s net loss has fallen to $69 million from $128 million last year.
CEVA says its evolution continues against difficult market conditions, illustrated by above-market volume growth in air and ocean freight and resuming growth in contract logistics.
Chief executive officer, Xavier Urbain says: “CEVA’s forward momentum continues in line with our strategy. Our half-year performance demonstrated stable net revenue in the first half driven by above-market growth in air and ocean freight and resumed growth in contract logistics.
“This is good progress, however we won’t stop here. As the logical next step in CEVA’s evolution, a global operational excellence program was started in April to take the organisation to the next level by simplifying and applying consistent standards and best practices across the organisation with the goal of better serving our customers. This program will also help us to deliver additional productivity improvements for all our business lines.
“We have successfully introduced a new structure for freight management in the US and have an experienced management team in place. With the roll-out of our One freight system in North America, CEVA can now provide customer shipment oversight through a single, global freight management system.
“Our ongoing investment in field sales teams led to a number of significant new business wins and renewals in the automotive, consumer & retail and technology sectors.”