Schindellegi, Switzerland: Logistics group Kuehne+Nagel has reported a drop in turnover of almost 40% for 2023, saying that it was a “challenging year”. The group has published its full year financial results for 2023 which revealed that net turnover fell from 39.4bn Swiss francs (£35.2bn) in 2002 to 24bn Swiss francs (£21.5bn) in 2023. The group’s operating earnings fell 49% to 1.9bn Swiss francs (£1.7bn) last year.
The air and sea freight sectors fared worse in the 2003 financial year. Net turnover in the contract logistics business fell from 5bn Swiss francs (£4.5bn) in 2022 to 4.8bn Swiss francs (£4.3bn). In road logistics net turnover fell from 4bn Swiss francs (£3.6bn) in 2002 to 3.5bn Swiss francs (£3.1bn) in 2023.
Kuehne+Nagel says that its focus has been on e-commerce and healthcare logistics in its contract logistics business over the last year. It was able to “gain market share in pharma & healthcare services”, the group said.
The group has pledged to decarbonise its truck fleet and hopes to have 60% low-emission vehicles by 2030. “This involves investing heavily in battery electric vehicles (BEVs) and complement with fuel cell electric trucks (FCEV) where it makes sense,” said the group.
Warehousing and logistics space has grown steadily over the last few years – from 10.2m sq m in 2001 to 10.3m sq m in 2022 to 10.7m sq m in 2003.
Stefan Paul, chief executive of Kuehne+Nagel International, said: “Kuehne+Nagel closed the financial year 2023 with an overall good performance in a persistently challenging environment.”
