Ceva Logistics reported revenue and profit increased 25 percent in 2010 from the previous year and expressed confidence both would continue growing in 2011.
The global supply chain management company booked record revenue of $9.7 billion last year compared with $7.7 billion in 2009 driven by a strong performance in China and the rest of the Asia-Pacific region and the Americas.
The Netherlands-based group earned $409 million before interest, tax, depreciation and amortization and excluding one off items compared with $326 million a year ago.
"After a challenging start to the year, we have focused relentlessly on business basics and on driving a series of transformational projects," said Ceva CEO John Pattullo. We are confident that we will continue to grow both revenues and profit in the coming months."
Fourth quarter 2010 revenue jumped 22 percent from a year ago to $2.5 billion and earnings surged 35 percent $125 million.
"This represents a significant step forward for the group following the precipitous falls in logistics markets in late 2008 due to the financial crisis," Ceva said.
Ceva booked $2.25 billion of revenue in the fourth quarter of 2008 and pre-tax profit totaled $81 million, down 15 percent and 53 percent from the final quarter of 2010.
The strong performance in China included a joint venture in the automotive sector which contributed $132 million of revenue.
The Americas delivered broad based growth with a robust performance in the automotive sector underpinned by good growth in contract logistics and "excellent" progress in freight management.
Northern European revenue was above 2009 levels but the economic recovery lagged due to the impact of the Icelandic volcanic ash cloud, cargo security issues and a harsh early winter snowfall.
Ceva refinanced a major portion of its debt in 2010 with much of it now due to mature in 2017 and 2018.
-- Contact Bruce Barnard at email@example.com.