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            october 24, 2019

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DSV profit up 122.8pc as revenue rises 7.5pc


Danish forwarding giant DSV's second quarter profit increased 122.8 per cent year on year to DKK742 million (US$118.2 million), drawn on revenues of DKK18.9 billion, up 7.5 per cent.
As of June 30, DSV had 44,851 full-time employees, up from 43,593 full-time employees 12 months prior.
DSV is still working to fully integrate the business and processes of UTi Worldwide, which it acquired in January for US$1.35 billion.
"Most of the planned integration has been completed, and the remaining part mainly relates to consolidation of IT infrastructure, back-office systems and solutions sites," said the DSV statement.
"The entire integration process is expected to be completed in 2017, and the financial synergies are expected to fully materialise within three years after the acquisition," it said.
Going forward, DSV hopes to expand its e-commerce services where it sees great potential due to rapid growth in internet sales, said DSV CEO Bjorn Andersen.
Expansion would include hosting web pages, supplying storerooms and handling returns for companies that want to sell their goods online.

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