DSV’s revenue for Q2 2018 was DKK* 19,491m, up 6.4% year on year (YoY) resulting in H1 growth of 6.0% YoY. The growth in net revenue was primarily driven by higher activity levels in all divisions. DSV gained market shares in the first six months of 2018, most significantly in air freight. This resulted in EBIT (before special items) increasing by 20.8% YoY, for Q2 2018, to DKK1,449m and H1 growth of 15.1% to DKK2,605m.
Revenues in Air & Sea grew by 2.5% YoY in the second quarter of 2018 rising to DKK9,095m. This was driven by exports in air freight from Europe, Middle East and Africa (EMEA) and the Americas. Sea freight volume growth was in line with the market. Consequently, EBIT (before special items) rose 22.9% YoY for Q2 2018 as it reached DKK988m.
DSV’s Road network revenues grew 4.6% YoY, rising to DKK7,862m, for the second quarter of 2018. Volume growth of 5% was ahead of estimated market growth (4%). EBIT (before special items) increase in the quarter was a consequence of a lower cost base resulting in growth of 15.4% YoY for Q2 2018.
Revenue increases in DSV’s Solutions sector were driven by retail (including e-commerce) and the automotive industry. As a result, revenue increased to DKK3,111m with growth of 9.3% YoY for Q2 2018. The improvement in margins was driven by higher gross profit and a stable cost base compare to the same period last year. Higher productivity and regional growth in EMEA led to EBIT (before special items) increasing by 36.7% YoY, for Q2 2018, to DKK175m.
Jens Bjørn Andersen, CEO, commented: “Our financial results for Q2 2018 are at an all-time high, and I am pleased to see that all business areas have performed well. So far, the impact from trade tariffs has been limited and going into the second half of 2018 we continue to see a stable development on the global transport markets.”
* $ = DKK 6.36 / € = DKK 7.45
Source: DSV
