StockMarketWire.com - Freight management group Xpediator posted a small first-half profit after its revenue fell, though it lifted its dividend citing strong cash generation.

Pre-tax profit for the six months through June amounted to £0.30m, compared to a profit of £0.28m on-year. Revenue fell 2.7% to £99.6m.

Xpediator declared an interim dividend of 0.45p per share, up from 0.28p on-year.

The company said over-performance in the first quarter was offset by the impact on trading from Covid-19 in the second.

Adjusted pre-tax profit rose to £2.1m, up from £2.0m, which the company said reflected early cost reductions in March and the diversity of businesses and customers across its Central and Eastern European and UK footprint.

Xpediator said it was well placed to achieve an improved performance in the second half.

'These results show a resilient performance and demonstrate that there has been good demand for our services both in the UK and on the continent despite the impact of Covid-19,' chairman Alex Borrelli said.

'Where business units have been impacted by the pandemic, the effect is largely temporary and since the half-year trading across all three divisions is getting close to normal.'

'That said, the group is still mindful that a second wave of Covid-19 remains a possibility and we continue to review our contingency plans.'

'Overall, whilst the impact of Covid-19 reduced profitability in the period, the company is now trading close to normal levels and has started the traditionally stronger second half of the year well.'


At 9:05am: [LON:XPD] Xpediator Plc share price was +0.75p at 27p



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