CEVA posts record revenue for 2010

CEVA Logistics, a supply chain management company, reported record revenue and robust EBITDA performance for last year, building on the momentum established in the third quarter.


Revenue was US$9.47 billion, up 25 percent year-on-year and now ahead of pre-recessionary levels and there was strong recovery in EBITDA to $406.86 million with margins driven by a broad programme of initiatives.


Commenting on the results, John Pattullo, CEO said: “I’m delighted with the progress made across the group in 2010. After a challenging start to the year, we have focused relentlessly on business basics and on driving a series of transformational projects.


“We have a well defined operating model, a clear plan for future growth and have established good momentum as we enter 2011. We are confident that we will continue to grow both revenue and profit in the coming months.”


The strong momentum established in the third quarter continued into the fourth quarter with revenue up by 22 percent on the prior year and EBITDA up by 35 percent.
(Source:http://www.cargonewsasia.com)