Trading is almost back to pre-coronavirus levels, according to the AIM-listed group
(), the freight forwarder and logistics group, said it is fully prepared for Brexit whatever the outcome as it posted an increase in first-half profits.
Trading is almost back to pre-coronavirus (COVID-19) levels, the AIM-listed group said, helped by good performances in central Europe and a recovery in the UK following the COVID-19 disruption.
Revenues dipped 3% to £99.6mln in the half-year to June 30, 2020, while profits rose by a third top £302,000 as the good performance in freight forwarding offset dips in affinity and warehousing, which were the arms most affected by COVID-19 restrictions.
Underlying profits ticked up to £2.1mln £2mln) and after good cash generation, Xpediator said it had raised its interim dividend by 60% to 0.45p.
In the results statement, Alex Borelli, Xpediator’s chairman, said that the performance of the Freight Forwarding division was particularly impressive in Lithuania, Bulgaria, Estonia and Serbia in the first half while the group’s domestic business in the UK showed strong margin growth.
Xpediator noted that a Brexit committee made up of the senior executives within the division was established in 2018 and has been meeting regularly to manage the project.
“Depending on the outcome of negotiations between now and January 2021 custom clearance activity may offer a significant opportunity for the division,” it added.
“We expect the full-year adjusted profit to be in line with or above the level achieved last year,” the results statement concluded.
