Update: Q1 highlights international growth
Norbert Dentressangle’s Q115 revenue announcement supports our thesis that the group is benefiting from its increased scale and global ambitions following the September 2014 US acquisition of the Jacobson Companies. While revenues were up c 21% to €1.3bn, primarily due to the acquisition, underlying like-for-like growth was positive at 1.7%. Logistics was the standout performer, both in terms of contribution from the US and in underlying terms. Encouragingly, growth was seen across all regions including a small positive from France. Management stated that the operating margin in the quarter has strengthened its confident outlook for 2015 performance and we are maintaining our forecasts.
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