Xpediator PLC (LON:XPD) said its operational performance in 2020 has “held up relatively well” despite disruption caused by the coronavirus (COVID-19) pandemic.
In a trading update ahead of its annual general meeting on Tuesday, the freight management specialist said it had “traded resiliently” during the year to date, and while activity levels were “slightly lower” as good demand in some sectors was offset by weakness in others, the impact on the company margins had been “less affected” as a result of cost reduction measures taken at the start of the pandemic.
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The company said while it was too early to provide definitive guidance for the full year, it believed that business was “performing well in extraordinary circumstances”.
Xpediator pointed out that its focus on central and eastern Europe continued to be a key area of strength as countries in the region had not been affected by the outbreak as severely as western Europe.
Looking ahead, the firm said it had a “good pipeline” of acquisition opportunities. While the pandemic was likely to slow current discussions, Xpediator said it was “also likely to generate new opportunities arising from distress”.
"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”, said Xpediator chief executive Stephen Blyth.
“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", he added.
