Transport giant Ceva Logistics confirms that the first quarter of the year has seen weak transaction volumes and reduced freight flows, much like the final quarter of 2008. The company reported sales of £6bn for 2008 compared with £4.5bn in 2007, while earnings rose 6.3% to £301m.
However, for the fourth quarter of 2008, revenue was £1.5bn, down 7% from £1.6bn in the same period in 2007. Earnings were £54.5m, down 42% from £93m. Ceva claims customer volumes have fallen, particularly in the air-freight and inbound automotive sectors.
A statement from the company says: "The group's senior management are working hard to offset the ongoing impact of the world's turbulent economy with a number of cost containment programs."
The year saw the company complete its integration of TNT Logistics and Eagle Global Logistics (EGL).
John Pattullo, Ceva chief executive, says: "In our first full year as an integrated business, we have performed well in difficult trading times and believe we have the momentum and capability to drive the business forward."