After floating and raising CHF1.2bn on the Swiss exchange, CEVA Logistics has started repaying its debt.

The plans are for CEVA Logistics to repay or refinance the majority of its debts in the coming months. As of December the logistics group’s balance sheet showed borrowings of $2.2bn. It was paying $238 million in finance payments, forcing it into a loss of $179 million.

Unveiling its first quarter results, chief executive Xavier Urbain said: “The successful IPO opens a new chapter for CEVA. The deleveraged balance sheet and the strategic investment by CMA CGM will create important growth opportunities. I am confident that we can further improve margins and deliver significant earnings growth in the years to come – our target is to improve Adjusted EBITDA by $100 million in the medium-term.”

In its results, the group said: “Subject to prevailing market rates, CEVA expects to lower average interest rate to c.4.5 per cent compared to the current 6.5 per cent. CEVA intends to execute the refinancing plan in the coming months subject to market conditions.”

CEVA Logistics first quarter (Q1) EBITDA grew by 17.8% to $53 million on sales that were up 12.2% to $1.8 billion.

As part of that, Contract Logistics EBITDA grew by $3 mullion to $38 million, on sales that were up 10.4% to $987 million. The Freight Management division saw sales rise 14.4 per cent to $803m while EBITDA was up $5m to $15m.

Urbain said: “Q1 2018 has shown once more that CEVA is delivering on its transformation with continued growth and consistent EBITDA improvement. We’ve seen good momentum and had several new business wins. We have further improved productivity and reduced cost.”