XPO Logistics Europe reported full year 2017 consolidated revenue of €5,72bn, a 5.5% increase compared with 2016 (7.6% at a constant exchange rate).
Our Supply Chain Europe unit delivered revenue growth of 9.5% (12.3% at a constant exchange rate) year-over-year. Demand for logistics accelerated across diverse sectors and types of customers, with the greatest growth coming in fashion and e-commerce, especially in the United Kingdom. XPO's Supply Chain US unit delivered 4.5% growth (6.7% at a constant exchange rate), with notable volume increases from food and beverage customers.
Its Transport Solutions unit increased revenue by 1.2% (2.7% at a constant exchange rate). Transport performance was led by demand for our brokerage and dedicated truckload services in a tight capacity market, and by an increase in new business.
Broad-based economic strength in Europe and peak e-commerce demand had company-wide benefits to operations. On a country basis, XPO's five key markets all reported sizable revenue increases, compared with 2016, with the UK seeing a +3.1% income climb (+10.3% at a constant exchange rate). France (+3.2%), Spain (+7.2%), Italy (+7.2%) and the Netherlands (+41.7%) all registered positive numbers.
Malcolm Wilson, chief executive officer of XPO Logistics Europe, commented: "We delivered solid revenue growth of 7.6% at a constant exchange rate in 2017, reflecting our commitment to superior customer service and our substantial investments in salesforce effectiveness. Our focus on data analysis enabled us to anticipate customer needs during the holiday peak and adapt quickly, particularly with e-fulfilment."
"We anticipate that 2017 net income will show a moderate increase over 2016, given significant non-recurring benefits recorded to 2016 net income, including gains on asset disposals and pension funds restructuring (€40.1 million), and positive adjustments to earn-out liabilities (€24.2m)."