Xpediator PLC (AIM:XPD) reported a “significant increase” in revenue in the six months to June 30 2022 while noting that it remains "vigilant" to the macro-economy in the second half of the year.
Revenue rose to £189.3mln from to £126.6mln in first half of last year due to positive trading in the company's Central Eastern Europe freight forwarding operation, a return to pre-Covid levels of trading and its pallet delivery business performing strongly in Romania, Xpediator said in a statement.
The freight management services provider added that it made a “good” start to the second half of the year, which is traditionally its strongest period, and remains on track to meet full-year expectations.
However, it said it remains “vigilant to the broad economic challenges”, namely rising inflation and conflict escalation, which it said are creating a more challenging environment for consumers.
“I am of course very mindful of the immediate headwinds caused by the inflationary environment and the impact this may have on consumers generally, but with a solid first-half performance behind us, the board look forward to the future with confidence,” said interim chief executive Mike Stone.
Adjusted profit before tax slipped, down to £3.1mln from £3.6mln, although the group put this down to a £1.5mln goodwill impairment to Delamode Anglia and £300,00 towards restructuring costs.
“Despite this, the company remains on track to meet full-year management expectations due to the ongoing strength in customer demand and the improving performance of those UK businesses which under-performed in the first half,” Stone added.