DSV has announced positive results in its Q1 interim report. Net revenues were up 19.0% year-over-year to DKK*18,223m. Profitability was also still strong; EBITDA before special items grew 59.9% year-over-year to DKK1,311m.
Strong revenue growth was attributed to the integration of UTi activities. This quarter included almost one month extra of UTi activities compared to last year.
DSV saw growth across all major business segments. Revenues in the Air & Sea division grow 20.0% year-over-year to DKK8,470m, whilst the road segment saw revenue growth of 14.1% and the solutions segment saw growth of 31.0%. DSV experienced 17% sea freight growth in TEUs, 20% air freight growth by tonnage and 12% road freight growth by number of shipments.
Jens Bjørn Andersen, CEO, said of the results, “A very strong set of Q1 numbers brings us even closer to our goal of reaching pre-UTi performance levels and margins. In addition to following our integration plans, we have increased our sales efforts in order to secure future market share gains”.
DSV has made minor upward adjustments to its operating profit expectations for the year. All other financial expectations were unchanged.
*$= DKK6.97 /€ =DKK7.43