HOYER Group revenue rises in 2008
Aug 1, 2009 12:00 PM
The Hamburg, Germany-based HOYER Group announced a 5.5% increase in consolidated revenue to 987 million euros ($1.4 billion US) for 2008, thereby maintaining its successful development in previous years.
“Given the recent dramatic downturn in the world economy, this was by no means a foregone conclusion,” said Thomas Hoyer, chairman of the company's Advisory Board, when presenting the annual report for 2008.
Once again, HOYER outperformed the bulk logistics market as a whole. Earnings before taxes in 2008 rose for the sixth year in a row, allowing the group to post its best-ever figure of 29.4 million euros ($41.8 million) (previous year: 17.3 million euros — $24.6 million). The operating profit will once again be used to increase the HOYER Group's equity and thus sustainably strengthen the company's financial base for what is expected to be a difficult 2009. Return on sales rose to 3% from 1.4% in 2007.
Thomas Hoyer believes the company is well-positioned for the future, even though it faces increased competition and growing pressure on costs due to higher tolls and the new EU regulations on truck driver qualifications. He is predicting a wave of insolvencies, largely affecting small companies with a weak equity base, although he also sees opportunities arising from this: “We believe there will be opportunities to make strategic acquisitions during the coming years, which we will exploit when the businesses concerned complement our existing business unit structure,” he said.
For the current year, the group expects transport volumes to shrink depending on the region and business sector.
The workforce increased during 2008 to 5,428 workers. There was a change in senior management at the end of the year when Gerd Peters was appointed chief financial officer. He will be responsible with Ortwin Nast, chief executive officer, for running the logistic service provider's operations.
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