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DSV profit sets up UTi purchase

DSV 2DENMARK: The DSV Group has reported revenue of DKK12.5 billion for the third quarter of 2015 and a 4.5 percent increase in gross profit to DKK2.8 billion compared to the same period last year.

Gross profit for the first nine months of 2015 totaled DKK8.4 billion on revenue of DKK38.3 billion. Operating profit before was DKK2.3 billion compared to DKK1.9 billion last year.

The group's free cash flow rose from DKK1.04 billion to DKK1.8 billion million year-on-year during the period.

Company CEO Jens Bjørn Andersen said gross profit for 2015 is expected to reach DKK11 billion to produce an operating profit of DKK3.0 billion: "We are extremely pleased with the progress for the third quarter of 2015; DSV has gained market share in all business areas, with both earnings and cash flow keeping up. The Air & Sea division continues the positive development and delivers 24 percent growth in operating profit, and we can raise our overall performance outlook for 2015."

In October DSV signed an agreement to acquire UTi Worldwide Inc. (UTi) for US$1.35 billion. Closing date is expected in Q1 2016.

DSV said the acquisition would significantly strengthen its air and sea services; increase its industry-specific capabilities; and become "truly global within contract logistics and expand into road freight activities outside Europe".

The company noted its main banks have committed to underwrite the transaction through a combination of debt and equity financing.

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