17th Jul 2020 10:07
(Alliance News) - Xpediator PLC on Friday said first half trading was marginally behind the company's original expectations but it is starting to see transportation volumes returning to pre-Covid-19 levels.
The company boasted a strong balance sheet with net cash at GBP4.2 million compared to last year's GBP3.8 million for the same period.
The Essex, England-based provider of freight management services said the robustness of its performance in the first half ended June 30 was due to the diversity of its footprint as well as good performance in central and eastern Europe.
Despite trading resuming to normal levels, Xpediator said it cannot offer guidance given the uncertainty posed by the virus.
Xpediator implemented cost reductions at the beginning of the pandemic which reduced the impact of the virus. The cost reductions included a temporary measures such as voluntary pay reductions and the furloughing of staff.
"The business is financially stable and well placed to grow and capitalise on opportunities that may arise alongside the wider global recovery," Xpediator said.
Xpediator shares were up 2.7% at 23.10 pence each on Friday morning in London.
By Greg Roxburgh; [email protected]
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