DSV’s Q2 revenues grow by 2.4%

DSV‘s revenue for Q2 2019 was DKK*20,079m, up 2.4% year on year resulting in year on year growth of 5.0% for H1. In Q2 2019, EBIT (before special items) increased 4.1% year on year to DKK1,631m, and for the first half of 2019, EBIT grew 9.0% to DKK3,085m. 

Revenues in Air & Sea grew by 5.3% year on year in Q2 2019 rising to DKK9,682m. Sea freight volumes (TEUs) grew 6% in Q2 2019 which was mainly driven by exports from the Americas region, but European exports also contributed to growth. For air freight volumes, the division reported a volume (tonnes) decrease of 2% in Q2 2019. The slowdown followed the market trend but was also impacted by the termination of a customer contract. EBIT (before special items) totalled DKK1,093m which corresponds to a growth of 7.8% year on year.

DSV’s Road network revenues, adjusted for the impact of the divestment of US based Market Transport Ltd., grew 1.3% year on year, rising to DKK7,833m for Q2 2019. EBIT (before special items) decreased in the quarter by 4.3%. It was negatively impacted by the lower number of working days compared to the same period last year.

DSV’s Solutions sector revenue increased to DKK3,147m with growth of 0.6% year on year for Q2 2019. Regionally, growth was mainly driven by the Americas. EBIT (before special items) increased by 2.9% for the period to DKK241m. 

Jens Bjørn Andersen, Group CEO: “We are very pleased with the strong results for the second quarter of 2019. Global transport markets are soft – especially within air freight, but DSV has managed to outgrow the market while still delivering market leading profitability. We expect that the Panalpina transaction will close in Q3 and we look forward to combining two strong companies and leveraging our extensive networks and expertise to provide even stronger customer offerings.”

Source: DSV

* $ = DKK 6.62 / € = DKK 7.47

Note: growth rates are adjusted for exchange fluctuations (in constant currencies).