Xpediator PLC AGM Statement (2400O)

TIDMXPD

RNS Number : 2400O

Xpediator PLC

09 June 2022

9 June 2022

XPEDIATOR PLC

("Xpediator", the "Company" or the "Group")

AGM Statement

Xpediator, (AIM: XPD), a leading provider of freight management services across the UK and Central and Eastern Europe ("CEE"), will make the following statement at its Annual General Meeting ('AGM') being held at 11.00am today. The statement will be made by Gillian Wilmot, the new Interim Chairman of the Board.

Financial Performance

Following a strong initial start to trading in the year, particularly from the Group's CEE operations, the Company has continued to trade well despite the effect of Russia's invasion of Ukraine, the impact from which, to date, has been largely offset with increased volumes in other markets.

The Group is in a good position, and with its asset light base, it is shielded from some energy and other inflationary cost pressures, but not all.

Board Changes and Company Review

On 1 June 2022, Richard Myson returned to the Company as Group CFO, and Gillian Wilmot was appointed Interim Chairman alongside Mike Stone who joined as Interim CEO. Richard served as CFO for Xpediator at the time of the IPO and in total has 15 years of extremely valuable experience with the business. Gillian and Mike bring significant experience and skills from senior management and Board roles in other companies, especially in leading teams to improve performance and business results.

The new management team are focused on providing close support to the senior management teams of all three divisions whilst conducting a comprehensive review of all aspects of the business.

Outlook

The Company recognises the economic uncertainty and resulting potential headwinds created by the events in Ukraine driving up inflation and creating caution around business and consumer spending and constantly reviews its plans and performance to mitigate these. These matters aside, the Company continues to trade well and will enter the traditionally stronger second half of the year well placed to continue to perform.

Finally, we are encouraged by the potential for further growth within the business. In particular, there are clear organic opportunities to improve the underlying performance of the UK business, and the new management team are well placed to address any other challenges and to capitalise on any opportunities that arise within the wider business.

For enquiries, please contact:

 
 Xpediator plc                                         Tel: [phone] 
                                                        2395 
 Mike Stone, Interim CEO 
 Richard Myson, CFO 
 
 Zeus (Nominated Adviser and Broker)                   Tel: [phone] 
                                                        5000 
 David Foreman, Jamie Peel, James Hornigold 
  (Investment Banking) 
 Dominic King (Corporate Broking) 
 
 Novella Communications (Financial Public Relations)   Tel: [phone] 
                                                        7008 
 Tim Robertson 
 Safia Colebrook 
 

About Xpediator:

Xpediator is a well-established international provider of freight management services. Established in 1988, the Group's international network of offices provides road, sea and air freight services, together with logistics and warehousing in the UK and Romania. The business offers integrated freight management within the supply chain logistics and fulfilment sector, through its three main areas: freight forwarding, logistics and warehousing and transport services. With headquarters in Braintree, Essex and country offices in nine CEE countries across 38 sites, the Group currently employs over 1,200 people and was successfully listed on London's AIM Market in 2017.

For more information, please visit: www.xpediator.com .

Alternatively, do follow us on Twitter at @Xpediator or find us on LinkedIn at Xpediator Plc .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

AGMDBGDLGBGDGDI

(END) Dow Jones Newswires

June 09, 2022 02:02 ET (06:02 GMT)