Xpediator said it “performed strongly” in 2019, after posting a pre-tax profit of £5 million and £33 million increase in turnover.
In July 2019 the company had warned that pre-tax profit would be “materially below market expectations” as it reconfigured usage in its Brain tree depot from storage to fulfilment; saw labour rate increases and its e- commerce business generated lower volumes.
For 2019 turnover rose 19% year-on-year, with organic sales up £18 million (10.4%) and acquisitions generating £15 million of additional turnover.
Xpediator chief executive Stephen Blyth said: “2019 saw the group increase sales by £33 million, an excellent achievement and one we intend to build upon in 2020.”
Freight forwarding turnover grew 16%, while logistics and warehousing turnover grew 32%. However, Transport Solutions saw sales fall 3%.
“We have expanded the services we are able to offer, have attracted more customers and see further opportunities to increase the number of services we provide including assessing how various new technologies might further improve operations whilst continuing to monitor the cost base of the group,” he said.
Xpediator also reported that its Pall-ex franchise in Romania handled an average of 67,000 pallets a month in 2019, compared to 50,000 per month in 2018
Blyth said: “Despite the challenges incurred during 2019, the core businesses have performed strongly, and the board remains confident in the outlook for the group.”