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29 Jan 2021 | 08:02

Xpediator FY profits projected to 'significantly' exceed expectations

(Sharecast News) - Freight management services group Xpediator said on Friday that full-year profits were expected to be "significantly ahead" of market expectations and the back of higher than anticipated demand for its services in the UK and Europe. Xpediator now expects to report adjusted pre-tax profits of approximately £7.2m for the year ended 31 December, a 40% year-on-year increase, as the firm benefited from the strength of its diversified activities - with high demand for freight forwarding and warehouse and logistics services together with cost-saving initiatives.

The AIM-listed group highlighted that during November and December, it traded significantly ahead of budget, with strong performances from Central and Eastern European countries, in particular from Lithuania, positive contributions from import services as a result of high volumes amongst its customers in the toy sector and "a welcome uplift" in UK freight forwarding activity ahead of Brexit.

Chief executive Robert Ross said: "This is an excellent result to end an extraordinary year. We have focused hard on our core services and by doing so attracted more customers, then combined this with delivering a consistently good customer service. We still have some way to go to reach our potential but it has been a good start."

As of 1145 GMT, Xpediator shares had shot up 19.18% to 43.50p.
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