Xpediator PLC AGM Statement (8275N)
May 26 2020 - 1:00AM
UK Regulatory
TIDMXPD
RNS Number : 8275N
Xpediator PLC
26 May 2020
26 May 2020
XPEDIATOR PLC
("Xpediator" or the "Group")
Trading Update
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 2020 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.
Xpediator plc Tel: +44 (0)330 043
2395
Stephen Blyth, Chief Executive Officer Email: info@xpediator.com
Cenkos Securities plc (Nominated Adviser & Tel: +44 (0)20 7397
Joint Broker) 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
Tim Robertson
Fergus Young
About Xpediator:
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 .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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