Xpediator PLC (AIM:XPD) has confirmed that the group continues to trade well, and, accordingly, it remains on track to meet full-year management expectations for adjusted profit before tax of £9.0mln.
The leading provider of freight management services across the UK and Central and Eastern Europe said that its revenue for the nine months ended 30 September 2022 was approximately £300mln, compared with £297mln for the full 12 months ended 31 December 2021.
In the Q3 trading update, Mike Stone, CEO of Xpediator commented: "The business is comfortably on track to meet management profit expectations for the full year with demand for our services remaining strong across all three divisions. We have commenced our plans to reduce debt, transform Delamode Anglia and make UK Logistics profitable and look forward to updating on progress achieved in due course."
The company said that third-quarter 2022 trading patterns continued the trend in the first half of the year, with strong performances from the European Freight Forwarding operations, especially in Lithuania, Bulgaria and Romania. Affinity Transport Services and Pall-Ex Romania also continued to perform well.
The UK freight forwarding operation, Delamode Anglia, is being re-organised under the successful freight forwarding template first developed in Lithuania, it added. The financial performance of UK warehousing has remained weak, but changes to operating processes across UK Logistics are progressing as planned and early signs are encouraging for both of these businesses, the company noted.
The net debt position of the group has stabilised and its management anticipate that it will be broadly unchanged from the £8.0mln position as of 30 June 2022, at the end of the financial year.
Reduced central costs and improved financial performance in H2 in the UK businesses has helped increase cash generated, which has and is being used to reduce trade payables to more operationally acceptable levels across the group, Xpediator said.