Wednesday 15th August 2012, 15:55 Hong Kong
Positive six months for Damco
Maersk's freight forwarding and supply chain management arm says it is making 'continued good progress'
Logistics group Damco has announced that it is making continued good progress through 2012, with strong results despite despite what it described as 'tough conditions' in global freight markets.
The company, which specialises in freight forwarding and supply chain management solutions, saw net revenue climb by 12 per cent to US$1.5bn through the six-month period, with gross profit up 5 per cent to US$379m.
"I am pleased to see the continued above market, organic growth in our air- and oceanfreight business and we have also developed well on our supply chain management volumes," said Damco chief executive Rolf Habben-Jansen. "It demonstrates that our customers find services attractive and competitive."
Earnings before interest and taxation (EBIT) grew 42 per cent to US$51m, positively impacted by the sale of warehousing facilities in China, although it was negatively affected by the restructuring of its European activities into mature and developing markets.
"Our results continue on the right path. Year-on-year our new business wins are up by over 20 per cent," Habben-Jansen added. "We continue to win more and more regular customers in our target industry verticals – despite the challenging market conditions in a number of key markets.
"We expect that for the full year 2012 we will deliver above-market growth in all of our main products, and our EBIT in 2012 will again be better than in 2011," he added.