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Ceva slashes debt
[ February 4, 2019 // Chris ]CEVA Logistics, which recently rejected a bid for the remainder of the company from existing shareholder CMA CGM, said its net debt was down 43% to $1,190 million, in its preliminary results for 2018. It added that it has been a year of structural changes for CEVA, including an initial public offering on the Swiss Stock Exchange followed by a “transformational” refinancing that saw the company overhaul its structure, extend maturities and reduce interest costs. Since the transaction, the company has made positive management and organizational adjustments and remains focused on its long-term strategy rather than on short-term performance. It has continued to perform in line with expectations in both freight management and contract logistics, albeit various one-time items have significantly impacted profitability in the third and the fourth quarters of the year. CEVA Logistics expects to report revenue growth of approximately 5.2% in 2018 versus the prior year.