DANISH logistics giant DSV has reported a 15.1% decrease in gross profit and a 30.6% drop in EBIT in the first nine months of 2023.

The company said the results were expected, given challenging market conditions and record earnings posted last year.

The Air & Sea division saw a 35.7% decrease in EBIT for the first nine months of 2023, and the Solutions division reported a 16.9% decrease in EBIT. The Road division achieved results on level with last year.

DSV said it does not see a “real recovery” in global freight volumes materialising in 2023, but based on its performance so far, DSV has raised the lower end of its 2023 EBIT guidance.

It now anticipates EBIT to fall within the range of DKK 17,500 million to 18,500 million (previously DKK 17,000 million to 18,500 million).

“In markets characterised by soft freight volumes and declining rates, we delivered solid results during the first nine months of 2023,” DSV group CEO Jens Bjørn Andersen said.

“The results reflect our flexible business model and, not least, our dedicated employees, who continue to deliver good customer service and efficiently manage our capacity.”

Mr Bjørn Andersen noted recently announced changes to the executive board – he is stepping down as group CEO, and COO Jens Lund will take over on 30 September 2024.

“This will not impact our operations or the execution of our strategy – it will be business as usual, and the senior management team is committed to securing a good handover process,” Mr Bjørn Andersen said.