“The merger of our freight management and contract logistics operations is the key driver for major changes in our financial results,” said John Pattullo, CEO. CEVA, the former TNT Logistics group, acquired the forwarding and freight management operations of Eagle Global Logistics (EGL) in August 2007.
Overall, CEVA reported 2007 revenues of €6.29 billion ($9.8 billion) for the full year, up 4.5% over 2006. Adjusted for merger costs and rebranding EGL, revenues were €4.78 billion ($7.45 billion) and adjusted EBIDTA earnings of €300.9 million ($469 million).
John Manners-Bell of Transport Intelligence reports, “These results will go a considerable way towards calming investors worried that CEVA has too great a debt burden to support the prospect of long-term value creation. The company appears highly liquid and its management disciplined in delivering profitable operations.”