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Strong start for DSV

May 2 - DSV has reported a net revenue of DKK18.2 billion (USD2.7 billion) for the first quarter of 2017, in comparison to DKK15.3 billion (USD2.2 billion) for the corresponding period of 2016.

Relative to the same period of 2016, net revenue was positively affected by higher average freight rates and a higher number of working days, says DSV.

Jens Bjørn Andersen, DSV ceo said: "A very strong set of Q1 numbers brings us even closer to our goal of reaching pre-UTi performance levels and margins. All three divisions have recorded a significant increase in earnings in the quarter, which is very satisfactory. In addition to following our integration plans, we have increased our sales efforts in order to secure future market share gains."

The air and sea division achieved growth of 19.7 percent, road 14.2 percent and solutions 28.2 percent. According to DSV, the increase is partly attributable to an additional month of UTi Worldwide operations in the first quarter of 2017, compared to 2016.

The acquisition of UTi closed on January 22, 2016 and DSV said the integration process would take two-years to complete.

DSV's outlook for 2017 foresees an operating profit, before special items, to be in the range of DKK4.3 - 4.6 billion (USD631 - 675 million), an increase on the previous outlook which expected operating profit to be in the range of DKK4.2 - 4.5 billion (USD616 - 660 million). The outlook for 2017 is based on the assumption of a stable development in the markets in which the group operates and that currency exchange rates, especially USD against DKK, will remain at the current level.

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