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Xpediator PLC on Tuesday said its annual profit increased more than 50% ‘on the back of enhanced revenue’, and declared a special dividend pursuant to a recent takeover offer while proclaiming optimism for the current year. The Braintree, England-based freight management services provider recently had recommended a takeover offer by DLM Bidco Ltd of 44 pence per share, comprising 42p in cash and a 2p special dividend. Xpediator did not declare a final dividend for 2022, down from 0.6p the year before. Shares in Xpediator were down 3.1% at 40.20p in London on Tuesday. Xpediator said its pretax profit increased 34% in 2022 to £6.5 million from £4.3 million the previous year. Revenue increased 30% over the same period to £386.7 million from £296.6 million. Of this, Xpediator’s freight forwarding division delivered £312.7 million, representing a 34% increase from £233.6 million. Expenses increased at manageable rates, the company said. Cost of sales rose 23% to £294.5 million from £228.2 million, while administrative expenses rose 35% to £84.2 million from £62.3 million. Xpediator said trading began well in 2023 and it expects growth to continue throughout the year. However, it noted potential challenges such as ongoing market volatility and said it would take care to ‘operate within our capabilities and not over extend ourselves.’ ‘The business has good foundations and the changes that have occurred in the last nine months, have further enhanced the business base,’ commented Interim Non-Executive Chair Gillian Wilmot. ‘While cognisant of the wider market environment and the ongoing volatility that is occurring in different parts of the marketplace, transportation and storage of goods will continue to be required. Notwithstanding...the potential change in ownership, we believe the group continues to be well placed to grow.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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