AGM Statement, Xpediator PLC, 2020-05-26
26 May 2020
(“Xpediator” or the “Group”)
Xpediator (AIM: XPD), a leading provider of freight management services across the UK and Central and Eastern Europe announces, ahead of its annual general meeting later today, an update on the Group’s trading performance during 2020.
The Group has traded resiliently through this extraordinary period to date. Activity levels are understandably slightly lower with good demand from some sectors offset by sectors made weaker due to the Covid-19 pandemic. While Group operational performance has held up relatively well taking account of Covid-19, the impact on margins has been less affected as a result of significant cost reduction measures taken at the outset of the pandemic. It is currently too early to provide definitive guidance for the full year, but the Board believe the business is performing well in extraordinary circumstances and that this reflects the strength of the Group structure with its asset light base and spread of activity across multiple sectors and geographies.
Approximately 60% of activity takes place in mainland Europe and, in particular, the Group’s focus on Central and Eastern European (“CEE”) markets continues to be a key area of strength. These countries have not been affected by Covid-19 to the same extent as Western Europe. However management are mindful of the need for continued vigilance to react to changes in individual markets.
The Group continues to have a good pipeline of acquisition opportunities which meet the acquisition criteria of enhancing the Group’s geographical capabilities, developing its existing operational locations and extending the Group’s international presence in air and sea transportation. The current crisis is likely to slow current discussions but at the same is also likely to generate new opportunities arising from distress.
A further update on first half trading will be made in July 2020.
Stephen Blyth, Chief Executive of Xpediator, said “As a team we are pleased with the performance so far in 2023 given the current circumstances. The performance has shown the value of being diversified across multiple markets and not being tied to a high fixed cost base. There will no doubt be further challenges ahead arising from the pandemic but we believe Xpediator has proven capable of operating successfully in this environment and is well placed to continue to do so.”
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Tel: +44 (0)330 043 2395
Stephen Blyth, Chief Executive Officer
Email: [email protected]
Cenkos Securities plc (Nominated Adviser & Joint Broker)
Tel: +44 (0)20 7397 8900
Max Hartley, Max Gould (Corporate Finance)
Nick Searle (Sales)
Cantor Fitzgerald Europe (Joint Broker)
Tel: +44 (0)20 7894 7000
David Foreman (Corporate Finance)
Caspar Shand Kydd (Sales)
Novella Communications (Financial Public Relations)
Tel: +44 (0)20 3151 7008
Xpediator is a well-established international provider of freight management services. Established in 1988 by Stephen Blyth, the Group’s international network of offices provides road, sea and air freight services, together with logistics and warehousing in the UK and Romania. The business offers integrated freight management within the supply chain logistics and fulfilment sector, through its three main areas: freight forwarding, logistics & warehousing and transport services. With headquarters in Braintree, Essex and country offices in nine CEE countries across 38 sites, the Group currently employs over 1,000 people and was successfully listed on London’s AIM market in 2017.
For more information, please visit: www.xpediator.com.
Alternatively, do follow us on Twitter at @Xpediator or find us on LinkedIn at Xpediator Plc.
Leave a Reply