K+N ready to boost profit
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KUEHNE + NAGEL (K+N) says it has returned to its "growth course' after 01 results for 2010 increased by 7.3% to 4.6bn Swiss Francs (CHF) (£2.6bn) compared with the same three months in 2009.
However. EBITDA (earnings before interest, taxes, depreciation and amortisation) remained static, slipping from CHF23Orn (£141m) in 2009 to CHF228m (E140m).
Reinhard Lange, CEO of K+N. says: Our group is back on course for growth thanks to the economic recovery and measures we introduced in 2009. Indications are getting stronger that the global economy and logistics-related parameters are stabilising."
The company adds it is confident it MI reach its target of above-market average profit growth in all business units.
Invoiced turnover in its road and rail logistics division grew to CHF646m (£397.7m), compared with CHF611m (£376m) in the first quarter of 2009. The division was more profitable than in 2009, when it posted an EB1TDA of CHF6m (E3.6m) compared with a 2010 profit of CHF14m (£8.6m).