Respectable results in a tough year show strength of strategy: CEVA
"In light of market headwinds, CEVA’s strong performance in 2015 is the result of across-the-board improvements and we have identified opportunities to ensure our business remains resilient," the company said.
March 1, 2016
By Donald Urquhart
Ceva has posted a stable revenue (at constant currency) for the financial year 2015 ended 31 December 2015, compared to a year earlier, down half a per cent to US$6.96 billion while EBITDA rose 22.2 per cent (constant currency) to US$272 million, reflecting the companies new strategy implemented in 2015.
“In light of market headwinds, CEVA’s strong performance in 2015 is the result of across-the-board improvements and we have identified opportunities to ensure our business remains resilient,” the Netherlands-based company said. “This is a direct result of our strong operating model, the seasoned management team put in place one year ago, as well as our dedicated workforce around the globe.”
Freight management adjusted EBITDA improved to $70 million, year-on-year, in constant currency, an increase of 241 per cent. Full year air freight volumes increased marginally and despite a short peak season and Asia exports performed relatively well in Q4, CEVA noted. Air Freight outperformed the market in Q4 due to a number of new business wins on selected tradelanes from Europe to China.
Ocean volumes underperformed against market, but the company said it continues to focus on attractive tradelanes. A strategic procurement approach in a low-rate environment contributed to margin improvements in both Air Freight and Ocean Freight, it added.