Global Logistics Group Releases Financial Figures after Tie Up with Container Shipping Giant

Ceva Logistics has released financial figures for the third quarter of 2018, the first since tying up with container shipping giant CMA CGM, and has updated its figures for the first 9 months of 2018. The group refinanced in August and the numbers make interesting reading.
Whilst revenue is up year to date 5% ‘in constant currency’ set against 2017 the underlying trend is downward, in part certainly due to the tremendous difficulties the company has suffered in the Italian market. Revenue in Q3 has actually only risen 1.6% from $1,782 to $1,810 whilst EBITDA for the same period is down 58%, from 69 to 29. Contract Logistics EBITDA was $7 million for the three months ended 30 September 2018 compared with $43 million in the same quarter of 2017. Of those Italian operations, two contracts in Italy and the bankruptcy of a local Italian partner for temporary staff resulted in additional unplanned costs of $26 million in the third quarter and $42 million for the first nine months.