2021 Highlights

2021 Financial Highlights

  • Substantial organic growth with Group revenue increasing 34% to a record £296.6m (2020: £221.2m) with a particularly strong contribution from the Group’s largest division, Freight Forwarding
    • Freight Forwarding delivered revenue of £233.6m, an increase of 37%
    • Warehouse & Logistics delivered revenue of £56.7m, an increase of 28%
    • Transport Services delivered revenue of £6.3m, an increase of 10%
  • Adjusted profit before tax of £9.1m, up 25% (2020: £7.2m)
  • Reported profit before tax of £4.3m (2020: £3.9m)
  • Adjusted basic earnings per share of 3.68 pence (2020: 3.84 pence)
  • Basic earnings per share of 0.29 pence (2020: 1.46 pence)
  • Net cash generated from operating activities was £4.7m (2020: £14.1m)
  • Net debt position of £4.8m (2020: net cash of £6.8m) as a result of advanced payments to secure key supplier performance and additional cost associated with a new freight forwarding operating system in the UK
  • Final dividend proposed of 0.6 pence per share bringing the total dividend for the year to 1.1 pence per share (2020: 1.5 pence per share). 2021 dividend level reflects potential geo-political risks, however, if the working capital impact remains small, the Board will look to pay a special dividend during 2022

2021 Operational Highlights

  • Excellent performance in the Freight Forwarding Division supported by profitable performances by both the Transport and Warehouse & Logistics Divisions
  • UK Logistics Division, previously operating under three different brands, now unified under one brand, Delamode International Logistics, as part of a wider integration and re-branding project across the UK freight forwarding division
  • Consolidation of Southampton port warehousing activity was completed in 2021 adding a state of the art 200,000 sq ft dockside warehouse which is already 100% occupied.
  • To support holding stock for customers on both the continent and in the UK, signed a 10-year lease for a new (post year end), purpose built 180,000 sq ft (35,000 pallet spaces) storage, fulfilment and distribution warehouse in Roosendaal, Netherlands

2022 Outlook

  • First two months trading ahead of expectations and March 2022 in line with expectations in spite of Russia invasion of Ukraine
  • Mindful of headwinds both geo-political and inflationary pressures
  • Significant organic opportunities to improve the underlying performance of the Group, particularly in the UK, allied to M&A
  • Cautious optimism on the short term outlook with medium to long term aspirations still on track

Rob Riddleston, Interim Chairman, commented:

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.”