29th Apr 2019 12:03
LONDON (Alliance News) - Xpediator PLC on Monday said its profit more than doubled in 2018, thanks to acquisitions and organic growth.
The freight management services provider reported pretax profit of GBP5.6 million for 2018 compared to GBP2.4 million a year prior, as revenue jumped by 35% to GBP312.5 million from GBP232.1 million. Like-for-like revenue increased by 22% in the year.
On a divisional basis, the Freight Forwarding unit delivered GBP136.9 million revenue, up 47% on the prior year, through a mix of like-for-like growth and the acquisition of Anglia. The division also saw full year revenue from Benfleet and Regional Express which were purchased during 2017.
The Warehousing & Logistics division delivered revenue of GBP35.9 million, almost doubled compared to 2017, including the contribution from the acquisition of Import Services Ltd.
The Transport Services division delivered GBP6.4 million revenue, up 39% on the year before.
Xpediator proposed a final dividend of 0.84 pence per share, resulting in a total dividend for 2018 of 1.26p, a 27% increase year-on-year.
Looking ahead, the company said it is on track to exceed GBP200 million of sales, a near threefold increase since 2016.
"The business is performing extremely well, growing both organically and through acquisition," said Chief Executive Stephen Blyth.
"The group has a solid financial base with the financial headroom to support the group's future ambitions," added Blyth.
Xpediator shares were trading 9.7% higher on Monday at 51.00 pence each.
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