GLOBAL transport and logistics giant DSV has reported 2023 results in line with expectations, despite gross profit and EBIT before special items dropping substantially compared to 2022.

Profit decreased by 13.4% and EBIT by 27.4% but DSV sees this as understandable, given the extraordinary results of 2022 and a 2023 operating environment of “softening demand and normalising freight markets”.

The group said the general decline in global trade had an adverse impact on the Air & Sea division, which experienced a 33.1% drop in EBIT compared to 2022. The EBIT for Solutions decreased by 10.7%, and the Road division delivered EBIT figures in line with its 2022 results.

Released yesterday (1 February) the results were the last to be delivered by Group CEO Jens Bjørn Andersen, who has stepped down to be replaced by Jens H. Lund. In line with the company’s long-term succession planning, DSV has also made changes to the Executive Board and Group Executive Committee.

“DSV delivered solid financial results for 2023, in line with our expectations,” Mr Bjørn Andersen said. “In a market characterised by declining demand for transport services across most markets, we demonstrated our ability to adapt to changing market conditions, and our dedicated employees continued to deliver excellent customer service.

“During 2023, we were happy to announce an exclusive logistics joint venture with NEOM Company and we have continued the work to strengthen our network services and industry expertise. We also made important progress on the sustainability agenda, developing roadmaps for our decarbonisation efforts.

“Amid geopolitical uncertainty and ongoing supply chain disruptions, DSV is ready to support its customers and maintains its ambition of outgrowing the general market. DSV has built a strong foundation for organic growth via several acquisitions, and M&A remains an important part of its strategy.”