BLG Logistics presents 2020 business results
At the virtual Annual Report Press Conference in Bremen, BLG LOGISTICS presented its business results for financial year 2020.
“The coronavirus crisis impacted on our business to an unprecedented extent. Despite the clear loss, the BLG Group came through the crisis better than projected a year ago. One reason for this is that we have increasingly diversified our portfolio in recent years,” explained BLG LOGISTICS CEO Frank Dreeke. “Employee and customer numbers remained stable.”
Revenue declined in the 2020 financial year by -8.1% to just under EUR 1.1 billion (2019: around EUR 1.16 billion). Due to the global pandemic restrictions in the lockdown months of March to May, sales revenue in all divisions collapsed, leading to an operating loss of EUR 25 million. However, this loss was much smaller than had been forecast in early 2020. As the economy started to bounce back from the summer onward, especially in Asia, handling volumes and results steadily improved. However, this did not make up for the operating losses.