20th Apr 2020 13:19
(Alliance News) - Xpediator PLC on Monday said its profit in 2019 suffered from increased expenses, while revenue grew due to acquisitions and improved demand for its services.
The AIM-listed freight management services reported a 19% increase in revenue in 2019 to GBP213.2 million, with like-for-like revenue growth of 10%.
Pretax profit declined by more than a half, however, to GBP2.2 million from GBP5.6 million, as administrative expenses jumped to GBP49.1 million from GBP35.4 million year-on-year.
Xpediator said it will propose a final dividend via a scrip issue to shareholders in June. This has been proposed given the current issues around Covid-19, the company explained, and the objective of conserving cash where possible. However, Xpediator said it is expected that its 2020 interim dividend will return to being paid in cash.
Looking ahead, Chief Executive Stephen Blyth said: "The group continues to seek acquisitions and the current crisis will, we believe, provide many opportunities to reach our target to grow the business over the next few years. Ultimately the board believes Xpediator is well placed to operate through this crisis and emerge in a good position."
Xpediator shares were trading 2.7% lower in London on Monday at 27.00 pence each.
By Evelina Grecenko; [email protected]
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