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2010/08/12/(Thu)

CEVA Group plc, announces Quarter Two and Half Year, 2010 Results [Forwarder]

- First half revenue and EBITDA increased by 22% and 18% respectively

- Quarter Two revenue increased 30%

- New business wins delivered revenues of €451 million in the second quarter.

CEVA Logistics has reported revenue increases for its Quarter Two and Half Year 2010 financial results.
”I am pleased to end the first half of the year with results which show continued growth of our business and progress in implementing our strategy. Second quarter results were impacted by FM margin compression and one-time contract logistics start up costs,” said John Pattullo, CEO, CEVA.

Six months ended 30 June 2010
Key Financials at actual exchange rates
€ millions H1 2010 H1 2009 Change
Revenue 3,232 2,641 22%
EBITDA before specific items1 117 99 18%
Key Financials at 2009 constant exchange rates
€ millions H1 2010 H1 2009 Change
Revenue 3,061 2,641 16%
EBITDA before specific items1 109 99 10%
Three months ended 30 June 2010
Key Financials at actual exchange rates
€ millions Q2 2010 Q2 2009 Change
Revenue 1,744 1,339 30%
EBITDA before specific items1 65 69 (6)%
Key Financials at 2009 constant exchange rates
€ millions Q2 2010 Q2 2009 Change
Revenue 1,608 1,339 20%
EBITDA before specific items1 58 69 (16)%

1EBITDA excludes the impact of specific items which are significant non-recurring items such as restructuring and integration costs, rebranding, costs and certain legal expenses.

Second quarter revenue growth year on year of 30% was driven by strong freight volumes, particularly in the Americas and Asia Pacific. In Contract Logistics year on year growth was achieved through increased volumes in the strategically important automotive, consumer & retail and technology sectors.

EBITDA declined 6% year on year in the second quarter. Freight Management EBITDA before specific items decreased by €2 million, largely a result of margin compression caused by rapidly rising transport costs which offset higher volumes. Our actions in the marketplace to recover these costs resulted in sequential improvement within the Quarter. Contract Logistics EBITDA before specific items for the three months ended June 2010 declined by €3 million. This was partly impacted by one-time costs incurred in establishing new operations.

In the second quarter of 2010 our new business wins continued well with €451 million of additional revenue, mainly driven by growth in consumer & retail and energy sectors and continued improvement in the automotive market. New contract wins include Janssen Pharmaceutica in Belgium, AKI in Spain and Triumph Motorcycles in the UK. We continue to focus strategically on building our contract logistics presence in the technology and consumer market sectors with increases of 23% and 18% respectively over the same period in 2009.

In markets that are only just returning to the pre-Q4 2008 levels we have proceeded cautiously but with encouraging results in our key strategic areas. The steps we have taken during the period to prepare the business for future growth have been effective and we have already seen good progress from these initiatives. As a result we enter the second half of the year in a good position to benefit from increasing confidence and continuing recovery in our markets.

Posted at 17:32

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