Transport and logistics company FREJA Transport & Logistics Holding A/S announces a new earnings record in the first half of 2017. However, the record has not come through primary operations but through divestment of a property in Stockholm.
FREJA Group with weak growth in revenue but unchanged number of consignments and drop in EBIT
FREJA Transport & Logistics A/S reports revenue growth of 4% compared to the first half of 2016 amounting to a total of EUR 172 million. Gross profit drops from EUR 21.3 million to EUR 20.7 million while EBIT drops from EUR 4.1 million to EUR 3.1 million. The final profit before tax for the first half of 2017, however, amounts to EUR 5.5 million against EUR 4.1 million for the same period 2016.
Per 30/6 2017, equity amounts to EUR 32.5 million and the solvency ratio is 37.9%.
The consignment is on the same level as for the first half of 2016 although fluctuating between countries.
The decline in EBIT is primarily due to challenges in the Swedish subsidiary and a slight decline in both Norway and Denmark, as well as the investment in the construction of pharma-related logistics facilities continues. In Sweden, a major process has begun on the construction of a new management team, which is finally in place by the end of 2017.
During the period, FREJA's competencies in Pharma and Healthcare have been upgraded, and the activities in China have been expanded with an office with two employees in Guangzhou.
In the second half of 2017 FREJA expects that growth will increase marginally. We expect a turnover for the whole year 2017 to be EUR 350 million and a pre-tax profit in the range of EUR 8.1 – 8.8 million.
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