In his prepared remarks, CEO Jens Bjørn Andersen said:

“We are proud to report strong results for the first six months of 2021, where we deliver an EBIT result equivalent to our full-year EBIT of 2019.

“This is a clear testament to the successful integration of Panalpina and a strong performance by our organisation in an extraordinary market environment. The logistics markets continue to be characterised by tight capacity, congestion and low visibility, and we are doing our best to find solutions for our customers and keep their supply chains flowing. We still expect to close the Agility Global Integrated Logistics transaction in Q3 2021. The preparations for the integration are tracking the plans, and we look forward to combining the two global networks and creating an industry leader in logistics.”

Outlook for 2021

Based on the strong financial performance for the first six months of 2021 and a positive outlook for the remainder of the year, we upgrade the full-year outlook for 2021 as follows:

– EBIT before special items is expected to be in the range of DKK 12,500 – 13,000 million (previously DKK 11,750-12,500 million).

– The effective tax rate is expected to approximate 23% (unchanged). The financial outlook for 2021 is for DSV Panalpina stand-alone and excludes the impact from the acquisition of Agility’s Global Integrated Logistics business. The financial outlook will be updated upon closing, which is expected in Q3 2021.

Share buyback

A separate company announcement about the launch of a new share buyback programme of up to DKK 4,000 million will be issued today. The programme will run until 25 October 2021 or earlier if finalised.

The full release is here; more here.

(The stock rose ~2% in early trade to Dkr1,544, still Dkr30 below record highs…)

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