14th Sep 2020 11:59
(Alliance News) - Xpediator PLC on Monday said an "overperformance" in its first quarter was followed by the Covid-19 outbreak which hit the freight management services firm's interim earnings.
Revenue in the six months to June 30 fell 2.7% to GBP99.6 million from GBP102.4 million. Pretax profit, however, inched up 9.0% to GBP302,000 from GBP227,000.
In the first half of 2020, there was an absence of GBP74,000 in a share of loss of an equity accounted associate, contributing to the profit rise. Non cash finances costs were 13% lower at GBP161,000.
"These results show a resilient performance and demonstrate that there has been good demand for our services both in the UK and on the continent despite the impact of Covid-19. Where business units have been impacted by the pandemic, the effect is largely temporary and since the half-year trading across all three divisions is getting close to normal. That said, the group is still mindful that a second wave of Covid-19 remains a possibility and we continue to review our contingency plans," Chair Alex Borrelli.
Xpediator said its "overperformance" in the first quarter was offset by "the impact on trading from Covid-19" in the second quarter.
Xpediator raised its payout by 61% to 0.45 pence from 0.28p.
Shares in the company were 2.9% higher at 27.00p each in London on Monday shortly before midday.
By Eric Cunha; [email protected]
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