The Danish-rooted logistics company Scan Global Logistics has just published its financial statements for the first 9 months of 2024, which show solid organic growth across air and ocean freight. The growth, together with recent acquisitions, has resulted in increased gross profit and revenue.

Global CEO Allan Melgaard from Scan Global Logistics is pleased with the result. ‘Our constant focus on organic growth drivers and strategic integration of new businesses has borne fruit this quarter. The results demonstrate our teams’ ability to navigate a complex global market and continue to deliver value to our customers,’ he says.

The quarterly report for the third quarter of 2024 shows that revenue increased to EUR 674m – an increase of 52% compared to Q3 2023. Gross profit reached EUR 138m, an improvement of 18% compared to the same period last year. EBITDA before special items was EUR 51m, up slightly from EUR 50m in Q3 2023.

The growth is primarily driven by increased volumes in air and ocean freight, as well as efficiencies gained from recent acquisitions, including Blu Logistics Brasil and Foppiani Shipping & Logistics. The acquisitions have strengthened Scan Global Logistics’ position in both existing and new markets.

’Although we see challenges in markets such as North America, where activity levels are lower than expected, the initiatives we have implemented have started to show positive results. We expect these initiatives to have full effect during 2025,’ says Allan Melgaard.

The total result for the period shows a loss of EUR 21m. This result was significantly impacted by, among other things, non-recurring costs of EUR 35m related to the redemption of old bonds.

‘Although we have had these non-recurring costs, which have negatively impacted the profit for the period, our underlying business operations remain strong. These costs are a natural part of our continued strategy to consolidate and strengthen our market position globally,’ says Allan Melgaard.