Hungarian road transport company Waberer’s have announced a 5-year deal with its financiers to provide it with financial stability as Covid-19 and Brexit uncertainty continue to hit its bottom line.
The haulier made the announcement on Friday along with the release of its Q3 financial statement.
Under the terms of the agreement, Waberer’s will have access to vehicle financing and working capital for the duration of the 5-year agreement, and the deal will also cover lease installments not paid under the 2020 loan and lease moratorium.
Trevelin Holding, who recently purchased 24% of the company’s shares (although that is still awaiting approval from the authorities), has expressed its support for the agreement.
According to Barna Erdélyi, CEO of Waberer’s, the financing partners will provide Waberer’s with the financial leeway to transform the company’s international transportation segment and explore of growth opportunities – even in the tough conditions created by the pandemic.
Meanwhile, Waberer’s have also published their financial statement for Q3.
The company’s revenue fell by by 19.3% in Q3 2020 compared to Q3 2019 due to the downsizing of its trucking fleet in the International Transportation Segment. However, this was partially offset by the growth it achieved via client acquisitions in the Regional Contract Logistics segment. Compared to Q2, Waberer’s revenue increased by 21.5 million euros, which is represents a rise of 18.6%.
The statement can be read in full here.
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