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DSV

Delayed Nasdaq Copenhagen  -  03:40:41 2019-09-03 am EDT
686.40 DKK   -0.38%
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DSV beats first-quqarter forecasts, says preparing for Brexit vote

05/12/2016 | 06:08am EDT

COPENHAGEN (Reuters) - Danish transport and logistics group DSV reported a first-quarter operating profit before special items slightly ahead of forecasts on Thursday despite costs from the integration of U.S. unit UTi.

DSV also said it was hoping Britain would vote to remain in the European Union at a referendum on June 23 but is preparing in case it votes to leave.

"We are currently in the process of emptying bank accounts of pounds to minimise currency risk, Chief Executive Jens Bjorn Andersen told Reuters by phone.

The world's fourth-largest freight forwarder said operating profit before special items rose to 643 million Danish crowns ($98.7 million) in the January-March quarter, beating the 633 million expected by analysts polled by Reuters.

It said the results were negatively impacted by integration of loss-making freight forwarder UTi, which it acquired in January for around $1.35 billion.

Andersen said integration of that business is moving forward as expected and he still expects restructuring costs to be $1.5 billion.

He expects another loss in UTi in the second quarter but sees the new business contributing positively to the group after that.

"Management has seen a positive reaction from customers on the UTi integration and no material loss of customers, which we highlighted as a positive trigger," analyst Stig Frederiksen from Nordea Markets wrote in a note to clients.

The group, Europe's third largest road freight operator, kept its full-year outlook for operating profit before special items at 3.1 billion to 3.5 billion crowns.

DSV has grown into a global player through a string of acquisitions since being founded in 1976 by 10 truckers.

Deutsche Post-controlled DHL Logistics is the world's largest player in the sector, followed by Swiss-based Kuehne & Nagel, Germany's DB Schenker and U.S.-based C. H. Robinson.

(Editing by Jason Neely)

By Ole Mikkelsen

Stocks treated in this article : Kuehne und Nagel International AG, DSV A/S

ę Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
SWISS RE LTD 0.66% 91.9 Delayed Quote.5.62%
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Managers and Directors
Jens Bj°rn Andersen Chief Executive Officer
Michael Ebbe Controlling Manager
Thomas Stig Plenborg Chairman
Jesper Riis Group Chief Information Officer
Thomas Zakarias Chief Information Security Officer
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