GEFCO, the European leader in integrated automotive logistics including Finished Vehicle Logistics (“FVL”) and a top 10 international player in multimodal supply chain solutions today released its consolidated revenue figures for the first quarter of the year ended 31 March 2019.
- Revenues increased by +7.8% (+9.0% like-for-like, “lfl”) for the first quarter of the year ended 31 March 2019 compared to the same period in 2018.
- Sales from Market Clients (excluding historical customers Groupe PSA and Opel Vauxhall) rose by +13.1%.
- The new BERGÉ-GEFCO joint venture demonstrated strong performance, in line with expectations.
- GEFCO confirms its financial targets for the full-year 2019 and for its 2020-2021 guidance
Financial performance – unaudited
Consolidated revenues reached €1,239.2 million for Q1 2019, representing an increase of +7.8% compared to Q1 2018. Adjusted for foreign exchange and acquisition-led growth, revenues rose by +9.0% (with a 0.8% positive impact coming from the acquisition of GLT and a -1.9% negative currency effect).
The growth in revenue was underpinned by several factors:
- Good performance with Groupe PSA, mainly in Europe and especially with Opel Vauxhall, following a newly renegotiated contract, started on 1st January 2019.
- A +13.1% increase in Market Clients’ sales compared to Q1 2018, with a strong performance in FVL and OVL & Contract Logistics. Adjusted for foreign exchange and acquisition-led growth, Market Clients sales grew by +14.5% (with a 1.7% positive impact coming from the acquisition of GLT and a -3.1% negative currency effect). Market Clients sales also benefited from BERGÉ’s contribution to the new BERGÉ-GEFCO joint venture which was launched on 1st January 2019.
- In Q1 2019, Market Clients accounted for 46.5% of Group’s total revenues (up from 44.4% for Q1 2018)
- However, lower volumes were recorded in Q1 2019 by GEFCO’s Air & Sea segment compared to Q1 2018
GEFCO also recorded a strong increase in recurring EBIT and improvement in margins in Q1 2019 compared to Q1 2018 mainly due to (i) the newly renegotiated contract with Opel-Vauxhall (ii) the BERGÉ-GEFCO joint venture contribution and synergies and (iii) the continued focus on operating excellence throughout the organization.
Luc Nadal, Chairman of the Management Board of GEFCO, commented:“I am very pleased with our Q1 performance. We continue to outperform our underlying market. We keep creating value for Groupe PSA, achieving very positive results in the first three months of our newly renegotiated contract with Opel Vauxhall. Market Clients sales kept growing steadily, particularly within Finished Vehicles Logistics and Overland & Contract Logistics. The new BERGÉ-GEFCO joint venture in Spain has got off to an excellent start. All in all, I remain very confident that we will achieve our operational and financial targets for the full-year 2019 and our 2020-2021 guidance.”
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