Logwin reports Q1 revenue decline

Logwin Group has announced its financial results for Q1 2014, reporting revenue of €278.5 million, a decrease of 13.2 per cent from the first quarter of 2013.


Logwin reports Q1 revenue decline


Logwin Group has announced its financial results for Q1 2014, reporting revenue of €278.5 million, a decrease of 13.2 per cent from the first quarter of 2013. Despite this significant decrease, the company recorded EBIT of €8 million, a flat result compared to with the previous year. The operating margin improved to 2.9 per cent.

After the divestments and refocusing of business activities revenues in the Solutions business segment fell by 25.5 per cent compared to a year earlier, to €127.7 million. While the media and retail aspects of the segment produced a stable result, core logistics activities contributed positively based on higher volumes with existing customers. During the quarter positive one-off effects resulting from the sale of business activities offset nonrecurring expenses for cost reductions and capacity adjustments. The operating margin of the business segment improved to 2.5 per cent.

The Air + Ocean business segment generated revenue of €151.3 million in the first quarter of 2014, a year-onyear increase of 1.61 per cent. Volumes continued to grow in both air and ocean freight amid volatile rates, the group said, adding that the operating result of the business segment was €6.4 million, a rise of 6.7 per cent.