Ceva cuts debts and raises revenue
Ceva Logistics has reported its results for Q4/2018 and full year 2018. Revenue rose to USD 7.35 billion in 2018, 5.2% more compared to the previous year.
The group’s ebitda was USD 198 million in 2018 with an ebitda margin of 2.7%. Net debt was down to USD 1.19 billion as of 31 December 2018, representing a significant 43% decrease compared to 2017.
CEO Xavier Urbain said: “Ceva had a sound commercial performance in 2018. Margins were impacted by one-time costs, in particular contract logistics in Italy. We are confident in our ability to meet our enhanced medium-term targets with the support of our strategic partner CMA CGM. For 2021 we expect to generate revenues of more than USD 9 billion and reach an adjusted ebitda of USD 470-490 million." (mw)