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'Ceva's new operating model continues to pay off'
16
Nov '15
Ceva Holdings, a Netherlands based non-asset based supply chain management company, has released results for the third quarter ended 30 September 2015, which shows that the company's new operating model is continuing to pay off.
 
“Ceva's new operating model continues to pay off,” said Xavier Urbain, CEO of CEVA, commenting on the results in a press release. The results showed the company's Q3 revenue at $1.7 billion, like-for-like down 2.4 per cent in constant currency. EBITDA for the quarter was up 27 per cent year-over-year, up 38 per cent like-for-like in constant currency.
 
In contract logistics segment, best practices and benchmarking drove productivity efficiencies, moving EBITDA margin  to 6.2 per cent from 5 per cent like-for-like, year-over-year. Q3 EBITDA was up 6 per cent year-over-year, 18 per cent in constant currency. 
 
The contract logistics business pipeline advanced 5 per cent year-over-year, with a hit rate that increased sequentially to 25 per cent from 21 per cent over the previous quarter. This progress was backed by significant wins in the consumer & retail and healthcare sectors.
 
In the UK Ceva signed four, ten-year warehousing and transport contracts for leading fashion retailers Coast, Karen Millen, Oasis and Warehouse which amount to over $40 million annually. 
 
In freight management, net revenue improvement for air freight was 6 per cent year over year driven by rates, while ocean freight delivered sustainable net revenue resulting in EBITDA growth of 125 per cent in constant currency.
 
CEVA's overall business pipeline continued to be strong in the third quarter, with a 9 per cent increase over the previous year. CEVA continues to proactively invest in its field sales team, which has grown by some 20 per cent compared to the same period last year, with a solid focus on increasing sales to small and medium-sized enterprises as well as multinational companies.
 
“Despite overall industry headwinds, our performance in the third quarter was robust and we continue to defend our position in a generally soft market. Our focus on process and product improvement for all business lines has allowed us to increase profitability in spite of difficult industry volume evolution,” said Urbain.  (RKS)
 

Fibre2Fashion News Desk – India

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