CEVA Holdings LLC posted a revenue of US$6.6 billion for 2016, a year-on-year decrease of 1.4% in constant currency, according to full-year results released by the logistics company.

Adjusted EBITDA for the year was US$254 million, which was 0.4% lower than 2015 in constant currency.

Revenue in the fourth quarter of 2016 was US$1.7 billion, which is constant currency was a year-on-year increase of 4.3%.

“Despite industry-wide challenges in 2016, our full-year results demonstrate that we continue to make positive headway,” said Xavier Urbain, CEO of CEVA. “In this context, I am very pleased with the Q4 performance where CEVA demonstrated healthy growth in all business lines and visible impact of our excellence program which supported us to deliver robust EBITDA in spite of the difficult peaks trading. The quarter also saw an impressive recovery in net working capital and strong cash flow.”

According to CEVA, its air freight volumes in 2016 grew 6.7% year-on-year and ocean freight grew 4.1%, but net revenue margins contracted in the last three months.

Revenue for the contract logistics business grew by 2.5% in the second half of 2016, which CEVA said positions it well for the year ahead.

“Overall, 2016 was a year of significant progress in the transformation of CEVA, during which we had some important business wins, successfully addressed legacy issues and we continued to build a much stronger platform,” Urbain said. “The strong improvement in results, in many of our markets, was overshadowed by weaker performance in some countries, which we continue to address. We enter 2017 in a stronger position and I am confident that we will have a much better performance with our excellence program leading to further cost savings.”