Freight management services firm Xpediator saw group revenues rise by 34% to a record £296.6m in 2021, aided by strong performances from its freight forwarding, warehousing and logistics divisions.
Revealing its annual results to 31 December 2021, the group praised the freight forwarding division for an “excellent performance” which saw a 37% revenue increase to £233.6m.
It also commended the performances of its warehouse and logistics division which delivered a 28% revenue hike to £56.7m and the transport services department for its 10% revenue rise to £6.3m.
The group’s adjusted profit before tax delivered a 25% increase to £9.1m (2020: £7.2m) with reported pre-tax profit up from £3.9m in 2020 to £4.3m in 2021.
Reporting the results, the group said there are “significant” organic opportunities to improve its performance, “particularly in the UK, allied to M&A”.
During the period the group’s UK logistics division, previously operating under three different brands, was unified under one brand, Delamode International Logistics, as part of a wider integration and re-branding project across the UK freight forwarding division.
Xpediator also consolidated its Southampton port warehousing activity in the year, adding a 200,000sq ft dockside warehouse which the group said is already fully occupied.
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The group has also signed a 10-year lease for a new, purpose-built 180,000sq ft warehouse, with space for 35,000 pallets, in Roosendaal, Netherlands to support holding stock for customers on both the continent and in the UK.
It added that its first two months trading was ahead of expectations and “in line with expectations in spite of Russia invasion of Ukraine”.
Rob Riddleston, interim chairman, said: “Despite having to navigate around restrictions imposed last year due to the pandemic, we are pleased to report that the group delivered a record trading year with significant uplift in both sales and profits.
“I believe this performance reflects the strength of the operating platform that has been established across the UK and Europe. However, I also believe there is significant further growth potential in the business both organically and through making earnings enhancing acquisitions when the time is right.
“Looking ahead, the macro environment poses clear challenges for all businesses from rising energy prices to the significant increase in geopolitical uncertainty caused by the tragic events unfolding in Ukraine.
“Xpediator will not be immune from these challenges but to date, trading has been resilient. The group has a solid financial platform and with its asset light base is more shielded than some from energy and other cost inflation.
“We anticipate that in spite of these challenges, demand from the Group’s 10,000+ customers will continue to be solid across all three divisions.”
