3 Nov 2022 07:00
3 November 2022
XPEDIATOR PLC
("Xpediator", the "Company" or the "Group")
Q3 Trading Update
Xpediator, (AIM: XPD), a leading provider of freight management services across the UK and Central and Eastern Europe ("CEE"), is pleased to confirm that the Group continues to trade well, with revenue for the 9 months ended 30 September 2022 ("Q3-22") being approximately £300 million (compared with £297 million for the full 12 months ended 31 December 2021). Accordingly, the Group remains on track to meet full year management expectations of adjusted profit before tax of £9.0 million.
Q3-22 trading patterns continued the trend in the first half of the year, with strong performances from the European Freight Forwarding operations, especially in Lithuania, Bulgaria and Romania. Affinity Transport Services and Pall-Ex Romania also continued to perform well.
The UK freight forwarding operation, Delamode Anglia, is being re-organised under the successful freight forwarding template first developed in Lithuania. The financial performance of UK warehousing has remained weak, but changes to operating processes across UK Logistics are progressing as planned. Early signs are encouraging for both of these businesses.
The net debt position of the Group has stabilised and management anticipate it will be broadly unchanged from the £8.0m position as at 30 June 2022, at the end of the financial year. Reduced central costs and improved financial performance in H2 in the UK businesses has helped increase cash generated, which has and is being used to reduce trade payables to more operationally acceptable levels across the Group.
Mike Stone, CEO of Xpediator, said "The business is comfortably on track to meet management profit expectations for the full year with demand for our services remaining strong across all three divisions. We have commenced our plans to reduce debt, transform Delamode Anglia and make UK Logistics profitable and look forward to updating on progress achieved in due course."
For enquiries, please contact:
Xpediator plc | Tel: +44 (0)330 043 2395 |
Mike Stone, Interim CEO | |
Richard Myson, CFO | |
Zeus (Nominated Adviser and Broker) | Tel: +44 (0)20 3829 5000 |
David Foreman, Jamie Peel, James Hornigold (Investment Banking) | |
Dominic King (Corporate Broking) | |
Novella Communications (Financial Public Relations) | Tel: +44 (0)20 3151 7008 |
Tim Robertson | |
Safia Colebrook |
About Xpediator:
Xpediator is a well-established international provider of freight management services. Established in 1988, the Group's international network of offices provides road, sea and air freight services, together with logistics and warehousing in the UK and Romania. The business offers integrated freight management within the supply chain logistics and fulfilment sector, through its three main areas: freight forwarding, logistics and warehousing and transport services. With headquarters in Braintree, Essex and country offices in nine CEE countries across 38 sites, the Group currently employs over 1,200 people and was successfully listed on London's AIM Market in 2017.
For more information, please visit: www.xpediator.com.
Alternatively, do follow us on Twitter at @Xpediator or find us on LinkedIn at Xpediator Plc.