3rd Nov 2022 14:53
(Alliance News) - Xpediator PLC on Thursday said it was on track to meet profit guidance for the year following robust trading over the third quarter.
For the nine months that ended September 30, the Essex, England-based international provider of freight management services reported revenue of GBP300 million, overtaking the GBP297 million recorded for the entirety of 2021.
Xpediator is maintaining pretax profit guidance for 2022 of GBP9.0 million on the basis of the nine-month results. This would be more than double 2021's GBP4.3 million.
The company noted strong performances for the quarter in European freight forwarding operations, particularly in Lithuania, Bulgaria, and Romania, with Affinity Transport Services and Pall-Ex Romania continuing to perform well.
Though Xpediator bemoaned a weak financial performance from UK Warehousing, it said changes to operating processes across UK Logistics were progressing as planned, and early signs were encouraging for both businesses.
Xpediator plans to re-organise its UK freight forwarding operation, Delamode Anglia, under the successful template first developed in Lithuania.
"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," said Chief Executive Officer Mike Stone.
Xpediator's net debt has stabilised and is expected to end 2022 broadly unchanged from the June 30 position of GBP8.0 million.
Xpediator shares were trading 14% higher at 24.02 pence each in London on Thursday afternoon.
By Holly Beveridge; [email protected]
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