Multimodal 2019

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Xpediator hikes payout as interim profit triples on revenue growth

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Freight management firm Xpediator PLC has hiked its dividend on Monday on the back of a sharp jump in profit amid strong trading and contributions from acquisitions.

For the six months ended June, pretax profit tripled to GBP2.2 million from GBP711,000 the year prior. This was after revenue rose 34% to GBP143.8 million from GBP107.0 million the year before.

"The first half of 2018 has continued the progress made through 2017," Xpediator Chairman Alex Borrelli said.

"All three divisions are growing well, underlying revenues have increased substantially, and demand for our freight management services across all our core markets is high.

"We continue to seek acquisitions in line with our strategy to add to our existing activities and facilitate our expansion internationally. The group has now completed four acquisitions over the last 18 months and collectively they are expected to be significant drivers of sales and profit growth in the current year and beyond."

In early June, Xpediator agreed to buy freight forwarder Anglia Forwarding Group Ltd for up to GBP4.2 million. In early July, the firm also bought logistics and warehousing business Import Services Ltd for GBP12.0 million.

Xpediator proposed a 0.42 pence per share interim dividend, up 21% from 0.347p the year prior.

"Although the increasing customs security checks have affected the development of the Far East business within Benfleet, I am pleased with the positive steps taken to address this," Borrelli continued.

Borrelli added the firm remained "confident" in its full year outlook after the "positive start" to the year.

Shares in Xpediator were 3.2% higher at 73.30 pence on Monday.

Source: Morningstar

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