Kuehne and Nagel crates

Swiss logistics giant Kuehne & Nagel (K&N) has reported that turnover improved by 7.3 per cent during the first quarter (Q1) of the year, up to CHF4.6m (€3.2m) from the CHF4.29m (€3m) reported in the same period of 2009.

The group's operational result (EBITDA) remained relatively stable at CHF228m (€159m), compared with CHF230m (€160m) last year, while net earnings improved by 2.3 per cent to CHF131m (€91.4m) from CHF128m (€89.3m).

'Our group is back on course for growth thanks to the economic recovery and measures we introduced in 2009,' said group CEO Reinhard Lange. 'Indications are getting stronger that the global economy and logistics-related parameters are stabilising. We are, therefore, confident of our ability of reaching our goal of above-market average profitable growth in all business units.'

Seafreight in particular experienced a turnaround in the first quarter, the group said, with market growth of 12 per cent on higher demand and container volumes surging by 17 per cent.

K&N recorded a 31 per cent rise in airfreight tonnage during the quarter, benefiting from increased investments in sales across all regions, while road & rail operations managed to fight off sustained pricing pressure and fierce competition to increase net invoiced turnover by 3.7 per cent.