News / K+N, Primark and Bolloré all put a brave face on Q1 numbers

© Elena Khorozova

The difficulty of presenting year-on-year changes in financial results is becoming ever more apparent, with Kuehne + Nagel announcing “solid” and “record” results for the first quarter – if you ignore the pandemic boost.

K+N’s turnover fell 37%, to CHF6.74bn ($7.54bn), while ebitda fell to CHF803m, down 39%. Ebit fell 45%, while free cash flow was down 60%. (For in-depth analysis, see Loadstar Premium today.)

But put the results into context, argued K+N, and in fact, “in the context of a normalised ...