Logistics and warehousing company CEVA increased its adjusted EBITDA by 9.3% to $280 million in 2017. Revenues were up 5.2% to $7bn.

Chief executive Xavier Urbain said, “Our Excellence Program has delivered important cost savings and has supported much better profits despite market headwinds. At the same time, revenue growth across Contract Logistics and Freight Management has been very good. With stronger revenue, profits and cash flow, we have delivered on all our objectives.”

“CEVA’s competitive position has much improved as evidenced by the important business wins we have had in recent months. Through the transformation we have initiated in 2014, CEVA is a much stronger company now. However, we still have ample opportunities to improve margins and deliver even better service to our clients – this is what we are working on.”

Contract Logistics at CEVA saw revenue grow by 2.8% in constant currency.“We experienced strong customer traction in a number of verticals, notably consumer & retail including e-commerce, industrials and automotive.” For the full year this segment had an EBITDA of $154 million, up by $9 million.

Freight Management saw air freight volumes increase 11.6% with very strong Q4 performance on the transpacific routes. Ocean freight also had a good Q4 with volumes up 6.9%. The Freight Management segment had revenues of $3.3bn in 2017, an 8.6% growth in constant currency. EBITDA was $76m, up $13m.