StockMarketWire.com - Freight management services group Xpediator hiked its dividend 11% after it posted a rise in first-half profit buoyed by a strong performance in central and eastern Europe.

Pre-tax profit for the six months through June increased to £2.3 million, up from £0.3 million year-on-year, as revenue climbed 27% to £126.6 million.

Xpediator declared an interim dividend of 0.5p per share, up from 0.45p year-on-year.

The company pinned the rise in profit on continued growth in central and eastern European countries, incremental revenue generated from customs clearance and full recovery from a Covid-19 affected market.

'These financial results show an all-round enhanced performance aligned to a clearer business strategy,' chairman Alex Borrelli said.

'All divisions performed well but particularly impressive was the performance of our freight forwarding division with Lithuania and Bulgaria reporting strong results.'

'As indicated by way of the trading update released in June, the group is expecting a further strong operational and financial performance in the second half.'

'This is extremely pleasing and takes into account business strategy alignment, key personnel employed and cost reduction decisions taken in the second half of 2020.


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