The Ceva Group says it is on track to make €100m (£89.3m) worth of cost savings by the end of the year, despite announcing a fall in revenue for the third quarter of 2009.
For the three months to October, revenue fell to €1,372m (£1,225m) from €1,666m (£1,488m) compared with the same period last year. At the same time, pre-tax earnings fell to €68m (£61m) from €102m (£91m) in the third quarter of 2008.
In a stament, the company revealed that the first nine months of 2009 were an abnormal period for Ceva and others in the industry. It went on to say: "Linked to the external economic situation, our results have continued to be impacted by reduced volumes and a deflated airfreight market."
However, cost cutting has helped improve the Ceva's liquidity to €225m (£201m).
"Following a difficult quarter one in 2009, we delivered strong progress in quarter two," says Ceva Logistics chief 
executive officer John Pattullo. "I am pleased to report we have maintained this momentum in the third quarter. We continue to build our capabilities and are making positive headway. This progress will allow us to continue to grow our business and build on these results in 2010."
The firm reveals that during the first nine months of 2009, it won 21% more new business compared with the first nine months of 2008.