CEVA revenues slide in recession

CEVA                            LOGISTICS

Global - CEVA Logistics said full year revenues reached 5.5 billion euros in 2009, slipping from 2008's 6.3 billion euros.

The company said the dip was in line with a 12% global market contraction in 2009. "In the last quarter we continued to recover volumes and revenues. However as freight carriers removed capacity and rates increased, we saw price increases that we were unable to pass through immediately to customers," the company said in a release.

It expects to recover those margins this year.

The company said it had exceeded the 2009 target or removing over 100 million euros of cost from its business by 25%. The cost cuts were made by implementing savings at all levels, and is expected to be sustainable.

"Following a challenging first quarter, we delivered solid and progressive results across the remainder of 2009 and, overall, we believe that CEVA responded well to a different and demanding trading environment, and is well positioned for the future," John Pattullo, CEO of CEVA Logistics said.

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