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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Xpediator Plc | LSE:XPD | London | Ordinary Share | GB00BF6P5V92 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 43.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2022 to May 2024
TIDMXPD
RNS Number : 5291A
Xpediator PLC
26 September 2022
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. It forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
XPEDIATOR PLC
("Xpediator", the "Company" or the "Group")
INTERIM RESULTS
Xpediator Plc (AIM: XPD), a leading provider of freight management services across the UK and Central and Eastern Europe, is pleased to announce its unaudited condensed consolidated interim results for the six months ended 30 June 2022 ("H1 2022").
Financial Highlights
-- Strong organic growth and significant increase in Group revenue to GBP189.3m (H1 2021: GBP126.6m) reflecting continued positive trading in our Central Eastern European ("CEE") freight forwarding operation, in spite of the conflict in Ukraine, a return to pre-covid levels of trading in our Transport Services operations, and Pall-Ex Romania recording a strong period.
-- Delivered adjusted profit before tax [1] of GBP3.1m (H1 2021: GBP3.6m) after adjusting for:
o GBP1.5m goodwill impairment to Delamode Anglia
o Restructuring costs GBP0.3m
-- Reported profit before tax of GBP0.2m (H1 2021: GBP2.3m) -- Adjusted earnings per share of 0.27 pence (H1 2021: 1.58 pence). -- Reported loss per share of 1.74 pence (H1 2021: profit 0.66 pence).
-- Net debt (excluding right-of-use assets debt) on 30 June 2022 was GBP8.0m (31 Dec 2021: GBP4.8m)
-- No interim dividend (H1 2021: 0.50 pence per share) given priority focus of the Board in reducing net debt.
Overview of Divisional Performance
-- Freight Forwarding revenue increased 54% to GBP155.5m (H1 2021: GBP100.8m) generating operating profit of GBP5.9m (H1 2021: GBP4.1m), principally driven by the Group's CEE operations.
-- Logistics and Warehousing revenue increased 31% to GBP30.1m (H1 2021: GBP22.9m) generating an operating loss of GBP1.8m (H1 2021: GBP0.4m profit). Despite a record performance by Pallex in Romania, the impact of the UK logistics activity, which is currently loss making, had a significant impact on overall divisional performance.
-- Transport Services revenue increased to GBP3.7m (H1 2021: GBP3.0m) and operating profit to GBP1.4m (H1 2021: GBP1.3m), representing a return to pre-pandemic levels.
Post Period Highlights
-- Good start to the traditionally stronger second half of the year and on track to meet full year management expectations.
-- Ongoing business review by the new management team has identified potential cost efficiencies across the Group. Restructuring plans for the underperforming UK operations have begun to be implemented to improve profitability.
-- New build 200,000 sq. ft warehouse in Southampton dock fully let and achieving competitive pricing for all types of storage, handling, fulfilment, and distribution services.
-- Construction of new, purpose built 180,000 sq. ft (35,000 pallet spaces) storage, fulfilment and distribution warehouse in Roosendaal, Netherlands commenced.
(1) Profit before tax has been adjusted for exceptional items of restructuring costs, GBP336,000, (H1 2021 GBPnil), deferred consideration release of GBPnil (H1 2021: GBP398,000), amortisation of acquisition related intangibles of GBP731,000 (H1 2021: GBP742,000), additional interest charge of GBP313,000 (H1 2021: GBP167,000) following the application of IFRS 16, and impairment on of goodwill in Delamode Anglia Limited of GBP1,474,000, (H1 2021: GBPnil)
Commenting on trading in H1 2022, Mike Stone, Interim CEO said:
"Demand for the Group's freight management services is robust as shown by the 50% increase in revenues, however, profit after tax in H1 2022 was lower than H1 2021, primarily due to a combination of higher costs, weaker than planned trading by some areas of the business in the UK, and a non-cash goodwill write down of GBP1.5m. Despite this, the Company remains on track to meet full year management expectations due to the ongoing strength in customer demand and the improving performance of those UK businesses which under-performed in the first half.
Having been in the business now for four months, I have been impressed and encouraged by the commitment and capability of the wider management teams and their operations. In short, Xpediator is a healthy business with solid foundations, with a few, specific, areas of underperformance. We have completed the initial business review and have identified several areas where material operational performance improvement can be achieved, and where changes to the governance structure will support the successful execution of this and sustain it going forward.
I am of course very mindful of the immediate headwinds caused by the inflationary environment and the impact this may have on consumers generally, but with a solid first half performance behind us, the Board look forward to the future with confidence."
Enquiries:
Hot Features
Premium
Xpediator plc Tel: +44 (0)330 043
2395
Mike Stone, Interim Chief Executive Officer Email: info@xpediator.com
Richard Myson, Chief Financial Officer
Zeus (Nominated Advisor & Broker) Tel: +44 (0)20 7829
5000
David Foreman, Jamie Peel, James Hornigold
(Investment Banking)
Dominic King (Corporate Broking)
Novella Communications (Financial Public Relations) Tel: +44 (0)20 3151
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 & warehousing and transport services. With headquarters in Braintree, Essex and country offices in nine CEE countries across 34 sites, the Group currently employs over 1,400 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 .
Chief Executive Statement
Introduction
I am pleased to present these financial results for the first six months of 2022. The significant increase in revenue to a record GBP189.3 million reflects the high demand for the Group's freight management services in the UK and across Europe. The Group's trading performance was particularly encouraging given the wider macro and economic challenges that emerged during the period which have impacted some parts of the business, but overall, Xpediator has to date weathered these challenges.
Business review
Our CFO Richard Myson, our Non-Executive Chairman, Gillian Wilmot and I all joined the Company in the last four months and so we are a new team. Our first priority has been to review the whole business, a process that is still ongoing, but it is clear the Company is fundamentally sound and has significant further potential.
With that said, the current level of net debt is too high and needs to reduce to a more sustainable level which we envisage is achievable by the end of 2023. Following a prudent reassessment of Delamode Anglia, and based on current trading expectations and forecast performance, the Group has impaired the goodwill in Delamode Anglia Limited by GBP1.5m whilst GBP0.3m of restructuring costs were also recognised in this period.
These factors have significantly reduced adjusted PBT in H1 2022 but have cleared up the majority of the historical issues we have discovered in the past months. Looking ahead, the business review has highlighted the opportunity to achieve greater operational efficiencies across the business and reduce the cost base of the Group, without impacting the quality of service we provide to our customers. Our target is to reduce the cost of support functions by 30% over the next 12 months, with efficiencies coming from a range of initiatives that are all scoped, and most of which are underway.
Operationally, several of the UK businesses have lagged the performance of those on the Continent, particularly the CEE operations. There are several reasons for this underperformance, and we are implementing a series of changes to address them.
Specifically, our largest UK freight forwarding business, Delamode Anglia, has not been able to consistently achieve the same profit margins as those achieved by the freight forwarding operations on the Continent, particularly in Lithuania. Therefore, from September 2022, Justas Versnickas, MD of Delamode Baltics, will also take up the role of MD of Delamode Anglia. Justas will implement the relevant elements of the successful template he has developed for Delamode in Lithuania, the most profitable and dynamic business in the Group, and instil a more entrepreneurial approach to the challenges Delamode Anglia are facing. Richard Myson and I will work closely with Justas, especially in the coming months, and he already clearly has the support of the Anglia management team and staff for the transformation we will be making to their business.
UK warehousing has also been an area of weakness. Both the Braintree and Beckton warehouses have underperformed, and Southampton suffered badly during its peak trading period last year with the late delivery of the new facility. Beckton which serves the traditional UK retail high street fashion market by specialising in the storage and fulfilment of hanging garments, has struggled since loss of its largest customer, Arcadia, two years ago, and this continues post-pandemic from the well-publicised challenges in this sector. The future of the Beckton warehouse is continually under review as we work in partnership with current key customers to grow their businesses and build a healthy pipeline of prospective new customers. Braintree has for some time not been profitable on a standalone basis, and very simply this is because the income from the current customers base is too low. Therefore, we are judiciously increasing prices and refreshing the customer base by attracting new customers with better stock and fulfilment activity profiles. The new Southampton warehouse is now fully operational, is at capacity and fully prepared for the peak period, so it is expected to contribute strongly in the second half of the year.
As mentioned earlier, one of our key areas of focus will be to reduce the net debt position. This has increased over the past 12 months, and even accelerated in the first six months of 2022, to reach (excluding right-of-use assets debt) GBP8.0m as at 30 June 2022 (31 December 2021: GBP4.8m).
The increase in net debt is primarily due to an increase of GBP5.4m in borrowing from Investec which was used to cover the losses in the two UK trading entities and the increased central costs brought about by the implementation of a shared services centre. It is also a result of the increased early payments to suppliers to secure their services, though it should be noted that these early payments to suppliers attract a discounted rate which has helped the Group mitigate any downturn in margins. The Group also experienced delays in collecting customer payments in the UK following a change in operational systems and personnel within the Delamode Anglia business brought about by the creation of a central Shared Services function in late H1 of 2021.
It takes some time to get to know a business of Xpediator's size, but from the detailed business review we have carried out, and from the many site visits I have made, I feel very comfortable I have clarity on not just the key drivers for the business results, but also the factors affecting the performance and engagement of our people. In my mind, there is no doubt the Group is in a good position to continue to grow from here, but more importantly, to achieve the levels of profitability that the revenue growth deserves. We have identified and prioritised the immediate areas for improvement and initiated the actions required to achieve this. Our review process is ongoing and will be continuous.
Therefore, I am confident the Company is well placed to deliver a healthy performance in the second half of this financial year, and indeed, beyond.
Board and Management
During the period there have been several changes to the Board. In March, Mark Whiteling, Non-executive Chairman, and Stephen Blyth, Non-Executive Director ("NED"), & Founder, stepped down from the Board. In June Richard Myson re-joined the Company as Chief Financial Officer having previously worked for the Group for 16 years, replacing Mike Williamson the outgoing Chief Financial Officer. In June, Mike Stone joined as Interim Chief Executive and Gillian Wilmot joined as Interim Non-executive Chairman. Mike replaced Wim Pauwels who had stepped in from his NED role to Interim Chief Executive. Wim left the company on 31 May 2022.
Dividend
Due to the need to reduce the net debt position of the Group, the Board are not recommending an interim dividend. Payment of a final dividend will be considered once trading has been completed for the year and will be predicated on our progress in reducing net debt.
Operational Review
Freight Forwarding
Revenue H1 2022: GBP155.5m H1 2021: GBP100.8m Operating profit H1 2022: GBP5.9m H1 2021: GBP4.1m
The Freight Forwarding division includes businesses in the UK and CEE operating under the Delamode brand. The division specialises in moving freight, primarily internationally by road, rail, air and sea, and continues to be the largest core service of the Group. The division which accounts for 82% of the Group's revenue continued to grow in 2022 with revenue in H1 2022 increasing by 54% and resulting in an increase of operating profit of 45%.
Growth within Freight Forwarding has been principally driven by strong performances in Lithuania and Bulgaria. In Lithuania in particular, now Xpediator's largest country in terms of revenue, it has been a very successful period with growth in revenue, market share and profit compared to H1 2021. The team in Bulgaria have also had a very good period and overall, all our CEE freight forwarding operations have traded well, despite of the conflict in the Ukraine. However, our largest UK freight forwarding business, Delamode Anglia, underperformed in the same period, so in response, Justas Versnickas, (MD of Delamode Baltics) has been seconded to Delamode Anglia with the aim of transferring the successful business processes and systems used in Lithuania to the UK.
Logistics & Warehousing
Revenue H1 2022: GBP30.1m H1 2021: GBP22.9m
Operating (loss) / profit H1 2022: (GBP1.8m) H1 2021: GBP0.4m
The Logistics and Warehousing division include businesses in the UK (with sites in Beckton, Braintree and Southampton) and Romania under the Delamode and Pall-Ex brands. It offers storage, fulfilment, transport and value-added services to customers serving primarily B2B markets for their products.
Overall, revenue increased by 32% but due to the continued poor performance in the UK warehousing activity, the division made an operating loss in the period.
Both the Braintree and Beckton warehouses remain loss making, and continued investment during H1 2022 in the new Southampton facility, much of it in preparation for the peak in 2022, held back the overall result for this facility. With the new Southampton facility now at operational capacity and preparations for the peak period already implemented, the Southampton warehouse is expected to have a positive impact on trading in H2. The steps taken to review customer pricing and to change the customer base in Braintree will result in an improved result in H2. The same will be true for Beckton where we have been working with our largest customer there to launch their direct-to-consumer offer (which will be fulfilled from Beckton), and to selectively add profitable customers from a healthy sales pipeline.
The Group's Pall-Ex franchise in Romania recorded another strong period of trading, handling a record number of pallets, up 16% in H1 2022 against the same period last year. Revenue and operating profit increased by 20% and 11% respectively versus H1 2021.
Warehousing activity in Romania has remained robust. Revenue increased by 18% versus H1 2021 but increased running costs, resulted in reduced operating profit, down by 26%.
Post period end, construction commenced of the new, purpose built 180,000 sq ft (35,000 pallet spaces) storage, fulfilment and distribution warehouse in Roosendaal, Netherlands. This facility serves current UK customers who, post Brexit, find it optimal to split stock between the UK and mainland Europe. Roosendaal is well located for the onward transport to the rest of continental Europe by road and also conveniently located for the import of product via the two major container ports of Rotterdam and Antwerp.
Such is the demand in the short term, the Company has leased 6,500 pallet spaces in a partner warehouse for 12 months in Roosendaal and customer stock has been moved from the UK to this warehouse
Transport Services
Revenue H1 2022: GBP3.7m H1 2021: GBP3.0m Operating profit H1 2022: GBP1.4m H1 2021: GBP1.3m
Transport Services, trading principally under the Affinity brand, provides bundled fuel and toll cards, financial and support services for hauliers in Southern Europe. Affinity is an agent of DKV, one of the world's largest fuel card providers, and supplies the DKV fuel card across the East and West Balkan region to a database of approximately 2,000 Eastern European hauliers and over 14,500 trucks. In addition, Affinity offers a "one stop shop" of transport services including ferry bookings, insurances and recently, VAT refund services.
Transport Services performed well in H1 2022 with revenue increasing by 22% and operating profit by 8%. The difference in growth between these two measures being primarily due to the implementation of new services and the increased fuel prices.
Trading has now returned to pre-Covid levels and is expected to continue to benefit from both higher fuel prices and the launch of new products and services to hauliers
Outlook
The Group has continued the strong sales momentum in the first half into the second half of the year this being traditionally the stronger of the two periods. Overall, the business divisions are trading well with the strong performance in the CEE countries now showing a level of profitability exceeding 2021 levels. The Group is therefore well placed for H2 and has actions in place to reduce net debt and address the under-performance of some of the UK operations. These will place the Group in a good position longer term and enable it to return to better capitalise on the synergies inherent in the network of companies in the UK and on the Continent.
At the same time, the Board and Management, both at Group and subsidiary level, remain vigilant to the broader economic challenges, particularly for consumers, stemming from rising inflation and conflict escalation, to create a generally more challenging economic environment. We will react accordingly both to mitigate any risks to our business and people, but also to seize any opportunities identified.
Mike Stone
26 September 2022
Chief Financial Officer Financial Review
Revenue
Revenue for the six months to 30 June 2022 was GBP189.3m, an increase of GBP62.7m or 49.5% on the comparable period (H1 2021: GBP126.6m).
Revenue increased within the Freight Forwarding business by GBP54.7m, Logistics and Warehousing revenue increased by GBP7.2m and Transport Services revenue increased by GBP0.7m.
Gross Profit
Gross profit increased by GBP12.1m mainly as a result of the increased freight forwarding revenue generated in the Baltics but also from Romania. Margins have seen a slight decline from 22.8% to 21.7%. This is partly due to the mix of activity between the divisions and the losses on the UK logistics activity.
Administration costs
Administration costs have increased by 56% in H1 2022 compared to H1 2021, this is due to an increase in the costs arising from the increased head count in Delamode Baltics. This increase was required to accommodate the increase in the activity in the region
H1 2022 saw a full six months of operating costs for the new warehouse facility in Southampton which came into operation in H2 2021.
In addition to this the Group incurred additional costs associated with the shared services operations.
Operating profit
The Group delivered an operating profit, of GBP1.5m for the period compared to GBP2.9m in H1 2021.
Financing costs
The net interest expense for the period was GBP1.3m (H1 2021: GBP0.6m), due to the increased borrowing in the period.
Tax
The tax charge for the period was GBP1.6m (H1 2021: GBP0.8m). This is due to the amount of taxable profit being generated in Europe compared to the losses and unrecovered costs in the UK for which a deferred tax asset has not been recognised.
Adjusted profit before tax
A reconciliation between reported profit before tax and adjusted profit before tax is shown below:
Unaudited Unaudited Audited
6 months 6 months
to to Year to
30 June 30 June
2022 2021
31 Dec
2022 2021 2021 2021
GBP000 GBP000 GBP000
Profit before tax (as reported) 235 2,271 4,287
Exceptional items (See note 12) 336 398 2,610
Impairment of goodwill in Delamode 1,474 - -
Anglia
Amortisation of intangibles relating
to acquisitions 731 742 1,462
Additional incurred interest charge
- IFRS 16 (2) 313 167 715
---------- ---------- -----------
Total adjustments 2,854 1,307 4,787
Adjusted profit before tax 3,089 3,578 9,074
========== ========== ===========
(2) The additional incurred interest charge - IFRS 16 represents the difference between the cash rental payments and the accounting charges for depreciation and interest.
Statement of Financial Position
Total Assets: The Group had total assets of GBP207.9m as at 30 June 2022 (31 December 2021: GBP196.1m).
Total Liabilities: The Group had total liabilities of GBP180.8m as at 30 June 2022 (31 December 2021: GBP166.9m).
Net Assets: The Group had net assets of GBP27.1m as at 30 June 2022 (31 December 2021: GBP29.2m).
Net debt reconciliation
Unaudited Unaudited Audited
6 months 6 months
to to Year to
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
Cash at bank 9,515 11,194 11,684
Confidential invoice discounting
facility (9,838) (10,715) (14,602)
Bank loans (5,441) (2,062) (1,891)
Bank overdraft (2,254) - -
Lease liabilities - right-of-use-assets (60,112) (29,160) (59,678)
----------------------------------------- ---------- ---------- ------------
Total debt (75,391) (41,937) (76,171)
----------------------------------------- ---------- ---------- ------------
Net debt (68,130) (30,743) (64,487)
----------------------------------------- ---------- ---------- ------------
Net debt excluding right-of-use-assets (8,019) (1,583) (4,809)
----------------------------------------- ---------- ---------- ------------
Net debt (excluding right-of-use assets) at 30 June 2022 was GBP8.0m (31 December 2021: GBP4.8m).
The increase in the net debt arose due to the increase in borrowing from Investec in the period of GBP5.4m, which is secured against the assets of the Group's UK entities. This was used to cover the losses in the UK trading entities and cover the incremental costs of the shared services centre.
The increase in the net debt position is also a result of market dynamics, with increased early payments to suppliers, which is required to secure their services, given the reduced market availability. Early payments to suppliers also attract a discounted rate which has helped the Group mitigate any downturn in margins.
The Group also experienced delays in collecting client payments in the UK, following a change in operational system, personnel and structures between the Delamode Anglia business and the newly created shared service teams. This is being addressed and the resulting issues resolved and will be monitored with an increased focus from senior managers at Group Finance and Delamode Anglia.
Richard Myson
26 September 2022
Condensed Consolidated Income Statement
Unaudited Unaudited Audited
6 months 6 months Year to
to to
30 June 30 June 31 December
2022 2021 2021
Note GBP000 GBP000 GBP000
Gross billings 296,535 177,676 436,237
------------------------------------- ----- ----------- ---------- --------------
Revenue 1 189,289 126,623 296,594
Cost of sales (148,238) (97,694) (228,201)
Gross profit 41,051 28,929 68,393
Other operating income 1,078 546 1,478
Impairment loss on receivables 369 (287) (1,475)
Administrative expenses (40,976) (26,294) (62,344)
Operating profit 1,522 2,894 6,052
EBIT:
------------------------------------- ----- ----------- ---------- --------------
Exceptional items included in
administrative expenses above 12 336 398 2,610
Operating profit before exceptional
items 1,858 3,292 8,662
------------------------------------- ----- ----------- ---------- --------------
Finance income 80 57 172
Finance costs (350) (171) (352)
Right-of-use asset interest charge (1,017) (509) (1,585)
Profit before tax 235 2,271 4,287
Income tax (1,559) (786) (2,410)
(Loss)/profit for period (1,324) 1,485 1,877
=========== ========== ==============
(Loss)/profit attributable to:
Owners of the parent (2,471) 930 417
Non-controlling interests 1,147 555 1,460
----------- ---------- --------------
(Loss)/profit for period (1,324) 1,485 1,877
=========== ========== ==============
EPS attributable to the owners
of the parent:
Basic (loss)/earnings pence per
share 3 (1.74) 0.66 0.29
Diluted (loss)/earnings pence
per share 3 (1.74) 0.64 0.29
Adjusted basis earnings pence
per share 3 0.27 1.58 3.68
Adjusted diluted earnings pence
per share 3 0.27 1.54 3.67
Condensed Consolidated Statement of Unaudited Unaudited Audited
Comprehensive Income
6 months 6 months Year to
to to
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
(Loss)/profit for the period (1,324) 1,485 1,877
---------- ---------- ------------
Other comprehensive income: items that
may be reclassified to profit or loss:
Exchange differences on translation
of foreign operations 666 (660) (1,289)
---------- ---------- ------------
Total comprehensive (loss)/income for
the period (658) 825 588
---------- ---------- ------------
Total comprehensive (loss)/income attributable
to:
Owners of the parent (1,877) 305 (758)
Non-controlling interests 1,219 520 1,346
---------- ---------- ------------
Total comprehensive (loss)/income for
the period (658) 825 588
========== ========== ============
Condensed Consolidated Statement of Financial Position
Unaudited Unaudited Audited
30 June 30 June 31 December
2021
2022 2021
Note GBP000 GBP000 GBP000
Non-current assets
Intangible assets 5 20,098 22,466 21,923
Property, plant and equipment 6 4,918 3,109 4,563
Right-of-use assets 7 58,441 28,160 58,321
Investments - unlisted - 1 -
Trade and other receivables - 286 -
Deferred tax 875 719 904
---------- ---------- ------------
Total non-current assets 84,332 54,741 85,711
---------- ---------- ------------
Current assets
Inventories 113 55 235
Trade and other receivables 113,916 82,750 98,495
Cash and cash equivalents 9,515 11,194 11,684
---------- ---------- ------------
Total current assets 123,544 93,999 110,414
---------- ---------- ------------
Total assets 207,876 148,740 196,125
Equity
Share capital 8 7,134 7,132 7,134
Share premium 13,149 13,139 13,149
Equity reserve 125 121 108
Translation reserve - (44) (594)
Merger reserve 3,102 3,102 3,102
Retained earnings 925 6,831 4,121
---------- ---------- ------------
Total equity before non-controlling
interests 24,435 30,281 27,020
Non-controlling interests 9 2,633 1,468 2,170
---------- ---------- ------------
Total equity after non-controlling
interests 27,068 31,749 29,190
---------- ---------- ------------
Non-current liabilities
Provisions 2,233 1,477 2,191
Trade and other payables 312 229 343
Interest bearing loans and borrowings 10 4,532 1,720 -
Lease liabilities - right-of-use
assets 11 49,766 22,233 50,625
Deferred tax 1,868 1,545 2,011
---------- ---------- ------------
Total Non-current liabilities 58,711 27,204 55,170
---------- ---------- ------------
Current liabilities
Provisions - 732 -
Trade and other payables 98,749 71,071 86,219
Interest bearing loans and borrowings 10 10,748 11,057 16,493
Lease liabilities - right-of-use
assets 11 10,346 6,927 9,053
Overdrafts 2,254 - -
---------- ---------- ------------
Total current liabilities 122,097 89,787 111,765
---------- ---------- ------------
Total liabilities 180,808 116,991 166,935
---------- ---------- ------------
Total equity and liabilities 207,876 148,740 196,125
========== ========== ============
Condensed Consolidated Statement of Cash Flows
Unaudited Unaudited Audited
6 months 6 months Year to
to to
Continuing operations 30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
Profit before tax 235 2,271 4,287
Adjustment for:
Depreciation 6,251 4,227 9,691
Amortisation 863 989 1,676
Finance costs 1,367 680 1,937
Finance income (80) (57) (172)
Share based payment charge 17 121 107
Loss on disposal of intangible assets 13 6 -
Profit on disposal - property, plant
and equipment 148 - (47)
Profit on disposal - ROU assets (1) - (143)
Impairment on goodwill 1,474 - -
10,287 8,237 17,336
Changes in working capital:
Decrease/(increase) in stock 122 4 (176)
Increase in trade and other receivables (15,392) (16,062) (31,520)
Increase in trade and other payables 11,761 6,341 21,043
Increase in provisions - 56 38
---------- ---------- ------------
Net cash generated/(used) from operating
activities 6,778 (1,424) 6,721
Cash flows from operating activities
Interest paid (237) (513) (299)
Tax paid (914) (613) (1,732)
---------- ---------- ------------
Net cash from operating activities 5,627 (2,550) 4,690
========== ========== ============
Cash flows from investing activities
Purchase of property, plant and equipment (1,024) (1,022) (3,262)
Purchase of intangible assets (463) (38) (309)
Proceeds on disposal of property,
plant and equipment - - 254
Interest received - 57 172
---------- ---------- ------------
Net outflow from investing activities (1,487) (1,003) (3,145)
========== ========== ============
Cash flows from financing activities
New loans 5,441 7,167 10,869
Loan repayments (6,655) (176) (338)
Dividend paid (725) - (2,197)
Non-controlling interest dividends paid (756) (384) (508)
Repayments on Leases (6,443) (3,601) (9,347)
Share issue (net of share issue costs) - - 12
--------- --------- ---------
Net cash (outflow)/inflow from financing
activities (9,138) 3,006 (1,509)
========= ========= =========
(Decrease)/increase in cash and cash
equivalents from continuing operations (4,998) (547) 36
Cash and cash equivalents at beginning
of period 11,684 12,720 12,720
Effect of foreign exchange rate movements 575 (979) (1,072)
--------- --------- ---------
Cash and cash equivalents (including
overdrafts) at end of period 7,261 11,194 11,684
========= ========= =========
Condensed Consolidated Statement of Changes in Equity
For the six months to 30 June 2022 (unaudited)
Share Share Equity Translation Merger Retained Total
Capital Premium Reserve Reserve Reserve Earnings Total NCI Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
January 2022 7,134 13,149 108 (594) 3,102 4,121 27,020 2,170 29,190
Share option
charge - - 17 - - - 17 - 17
Dividends paid - - - - - (725) (725) (756) (1,481)
--------- --------- --------- ------------ --------- ---------- --------- --------- ---------
Total
contributions
by and
distributions
to owners - - 17 - - (725) (708) (756) (1,464)
(Loss)/Profit
for the
period - - - - - (2,471) (2,471) 1,147 (1,324)
Exchange
differences
on foreign
operations - - - 594 - - 594 72 666
--------- --------- --------- ------------ --------- ---------- --------- --------- ---------
Total
comprehensive
(loss)/income
for the
period - - - 594 - (2,471) (1,877) 1,219 (658)
--------- --------- --------- ------------ --------- ---------- --------- --------- ---------
Balance at 30
June 2022 7,134 13,149 125 - 3,102 925 24,435 2,633 27,068
========= ========= ========= ============ ========= ========== ========= ========= =========
For the six months to 30 June 2021 (unaudited)
Share Share Equity Translation Merger Retained Total
Capital Premium Reserve Reserve Reserve Earnings Total NCI Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
January 2021 7,132 13,139 1 581 3,102 5,901 29,856 1,332 31,188
Share option
charge - - 120 - - - 120 - 120
Dividends paid - - - - - - - (384) (384)
Total
contributions
by and
distributions
to owners - - 120 - - - 120 (384) (264)
Profit for the
period - - - - - 930 930 555 1,485
Exchange
differences
on foreign
operations - - - (625) - - (625) (35) (660)
---------- ----------- ---------- ------------ -------- --------- ----------- ---------- -----------
Total
comprehensive
income for the
period - - - (625) - 930 305 520 825
---------- ----------- ---------- ------------ -------- --------- ----------- ---------- -----------
Balance at 30
June 2021 7,132 13,139 121 (44) 3,102 6,831 30,281 1,468 31,749
========== =========== ========== ============ ======== ========= =========== ========== ===========
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD TO 30 JUNE 2022
General information
The financial information included in this condensed consolidated interim statement of results does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.The unaudited accounts for the six-month period ended 30 June 2022 have been prepared on a consistent basis and using the same accounting policies as those adopted in the financial statements for Xpediator PLC for the year ended 31 December 2021, except as noted below for new standards adopted. The statutory accounts of Xpediator PLC for the year ended 31 December 2021 are available on the Xpediator Plc website, www.xpediator.com. The auditors reported on those accounts: their report was unqualified and did not draw attention to any matters by way of emphasis.
The interim condensed consolidated financial statements were authorised for issue by the board of directors on 26 September 2022.
Basis of preparation
Xpediator Plc (the 'Company') is a company incorporated in England. The condensed consolidated interim financial statements of the Company for the six-month period ended 30 June 2022 comprise the Company and its subsidiaries (together referred to as the 'Group'). The condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the United Kingdom. They are unaudited but have been reviewed by the Company's auditor and should be read in conjunction with the condensed consolidated financial statements of the Group for the year ended 31 December 2021.
The preparation of the condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. Actual results may differ from these estimates.
Accounting policies
The financial statements have been prepared on the historical cost basis except for the revaluation of certain financial instruments that are measured at revalued amounts or fair values at the end of each reporting period.
Going concern
The Directors have concluded that it is appropriate that the financial statements have been prepared on a going concern basis given the current funding in place, which it does not envisage will be withdrawn, and the forecast profitability for the next 12 months, there will be sufficient funds available to meet its liabilities as they fall due. The financial statements have therefore been prepared on a going concern basis.
1) Revenue analysis by Country & Segment
Unaudited Unaudited Audited
6 months 6 months
to to Year to
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
United Kingdom 59,896 47,806 114,943
Lithuania 69,498 38,917 91,261
Romania 28,090 18,541 40,582
Bulgaria 21,494 13,821 33,369
Other 10,311 7,538 16,439
---------- ---------- ------------
Total Income 189,289 126,623 296,594
========== ========== ============
Unaudited Unaudited Audited
6 months 6 months
to to Year to
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
Freight Forwarding
United Kingdom 40,928 34,813 78,183
Lithuania 69,498 38,917 91,261
Romania 14,508 6,439 16,071
Bulgaria 21,494 13,821 33,369
Other 9,079 6,765 14,691
---------- ---------- ------------
Total Income Freight Forwarding 155,507 100,755 233,575
---------- ---------- ------------
Warehousing & Logistics
United Kingdom 18,968 12,993 36,760
Romania 11,122 9,878 19,983
-------
Total Income Warehousing & Logistics 30,090 22,871 56,743
------- ------- -------
Transport Support Services
Romania 2,460 2,224 4,528
Other 1,192 773 1,748
------ ------ ------
Total Income Transport Support
Services 3,652 2,997 6,276
------ ------ ------
Other 40 - -
--- ---
Total Income 189,289 126,623 296,594
======== ========= ========
2) Segmental Analysis
Types of services from which each reportable segment derives its revenues
During the period, the Group had three main divisions: Freight Forwarding, Warehousing & Logistics and Transport Support Services. All revenue is derived from the provision of goods and services.
-- Freight Forwarding - This division is the core business and relates to the movement of freight goods across Europe. This division accounts for the largest proportion of the Group's business, generating 82.2% of its external revenues contributed in 2022 (H1 2021: 79.6%)
-- Warehousing & Logistics - This division provides warehousing and domestic distribution and generated 15.9% of the Group's external revenues in 2022 (H1 2021: 18.1%).
-- Transport Support Services - This division focuses on the reselling of DKV fuel cards, leasing, ferry crossings and other associated transport related solutions. This division accounts for 1.9% of the Group's business in terms of external revenue (H1 2021: 2.3%)
Factors that management used to identify the Group's reportable segments
The Group's reportable segments are strategic business units that offer different products and services. They are managed separately because each business requires different technology and marketing strategies.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision maker has been identified as the management team comprising the Divisional COOs, the Chief Executive Officer and the Chief Financial Officer.
No single customer accounted for more than 10% of the Group's total revenue.
Measurement of operating segment profit or loss, assets and liabilities
The Group evaluates segmental performance on the basis of profit or loss from operations calculated in accordance with IFRS.
Inter-segment sales are priced at market rates and on an arm's length basis, along the same lines as sales to external customers. This policy was applied consistently throughout the current and prior period.
Segmental Analysis Transport
for the period to 30 Freight Warehousing Support
June 2022 (unaudited) Forwarding & Logistics Services Unallocated Total
2022 2022 2022 2022 2022
GBP000 GBP000 GBP000 GBP000 GBP000
Gross billings 155,507 30,116 110,872 40 296,535
Less recoverable disbursements - - (107,220) - (107,220)
------------ ------------- ----------- ------------ -----------
Total revenue 155,507 30,116 3,652 40 189,315
Inter-segmental revenue - (26) - - (26)
------------ ------------- ----------- ------------ -----------
Total revenue from
external customers 155,507 30,090 3,652 40 189,289
------------ ------------- ----------- ------------ -----------
Depreciation & amortisation
(excluding right-of-use
assets depreciation) (505) (723) (30) (157) (1,415)
-
------------ ------------- ----------- ------------ -----------
Segment Profit before
central overhead allocation
(excluding exceptional
items) 5,907 (1,786) 1,373 (3,636) 1,858
Allocation of central
overheads (798) (373) (37) 1,208 -
------------ ------------- ----------- ------------ -----------
Segment Profit after
central overhead allocation
(excluding exceptional
items) 5,109 (2,159) 1,336 (2,428) 1,858
------------ ------------- ----------- ------------ -----------
Net finance costs (1,287)
Exceptional items (336)
-----------
Profit before income
tax 235
===========
Segmental Analysis Transport
for the period to 30 Freight Warehousing Support
June 2021 (unaudited) Forwarding & Logistics Services Unallocated Total
2021 2021 2021 2021 2021
GBP000 GBP000 GBP000 GBP000 GBP000
Gross billings 100,755 23,352 53,569 - 177,676
Less recoverable disbursements - - (50,572) - (50,572)
------------ ------------- ---------- ------------ ----------
Total revenue 100,755 23,352 2,997 - 127,104
Inter-segmental revenue - (481) - - (481)
------------ ------------- ---------- ------------ ----------
Total revenue from
external customers 100,755 22,871 2,997 - 126,623
------------ ------------- ---------- ------------ ----------
Depreciation & amortisation
(excluding right-of-use
assets depreciation) (520) (803) (24) (151) (1,498)
------------ ------------- ---------- ------------ ----------
Segment Profit before
central overhead allocation
(excluding exceptional
items) 4,081 387 1,272 (2,448) 3,292
Allocation of central
overheads (706) (341) (42) 1,089 -
------------ ------------- ---------- ------------ ----------
Segment Profit after
central overhead allocation
(excluding exceptional
items) 3,375 46 1,230 (1,359) 3,292
------------ ------------- ---------- ------------ ----------
Net finance costs (623)
Exceptional items (398)
----------
Profit before income
tax 2,271
==========
Segmental Analysis Transport
for the year to 31 December Freight Warehousing Support
2021 (audited) Forwarding & Logistics Services Unallocated Total
2021 2021 2021 2021 2021
GBP000 GBP000 GBP000 GBP000 GBP000
Gross billings 234,182 56,136 145,919 - 436,237
Less recoverable disbursements - - (139,643) - (139,643)
------------ ------------- ----------- ------------ -----------
Total revenue 234,182 56,136 6,276 - 296,594
Inter-segmental revenue (607) 607 - - -
------------ ------------- ----------- ------------ -----------
Total revenue from
external customers 233,575 56,743 6,276 - 296,594
------------ ------------- ----------- ------------ -----------
Depreciation & amortisation
(excluding right-of-use
assets depreciation) (973) (1,482) (49) (280) (2,784)
------------ ------------- ----------- ------------ -----------
Segment Profit before
central overhead allocation
(excluding exceptional
items) 9,673 1,498 2,355 (4,864) 8,662
Allocation of central
overheads (1615) (802) (79) 2,496 -
------------ ------------- ----------- ------------ -----------
Segment Profit after
central overhead allocation
(excluding exceptional
items) 8,058 696 2,276 (2,368) 8,662
------------ ------------- ----------- ------------ -----------
Net finance costs (1,765)
Exceptional items (2,610)
-----------
Profit before income
tax 4,287
===========
3) Earnings per share
Unaudited Unaudited Audited
6 months 6 months
to to Year to
30 June 30 June 31 December
2022 2021 2021
GBP0003 GBP000 GBP000
Weighted average number of shares
- basic 141,688 136,867 141,660
Weighted average number of shares
- diluted 141,688 136,867 141,927
(Loss)/profit for the period attributable
to equity holders of the company (2,471 ) 930 417
Profit for the period attributable
to equity holders of the company
excluding exceptional, non-trading
and certain one-off items (see
note 12) 383 2,237 5,213
Basic (loss)/earnings pence per
share (1.74 ) 0.66 0.29
Diluted (loss)/earnings pence
per share (1.74) 0.64 0.29
Adjusted basic earnings pence
per share (excluding exceptional
items)* 0.27 1.58 3.68
Adjusted diluted earnings pence
per share (excluding exceptional
items)* 0.27 1.54 3.67
*Earnings per share adjusted for exceptional, non-trading and certain
one-off costs (see note 12)
(3) All numbers presented as GBP000's except number of shares
(presented as number in thousands) and Earnings per share (presented
as pence)
4) Dividends
Given the current cash position of the Group, at present the Directors
are not proposing to declare an interim dividend for 2022 (H1 2021:
0.50 pence). The Directors will consider this position later in
the year.
5) Intangible Assets
For the period from 1 January 2022 to 30 June 2022 (unaudited)
Customer Technology
Related Licences Goodwill Related Total
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 January 2022 12,258 3,387 14,160 510 30,315
Additions - 463 - - 463
Disposals - (13) - - (13)
Exchange differences - 83 - - 83
--------- --------- --------- ----------- --------
At 30 June 2022 12,258 3,920 14,160 510 30,848
--------- --------- --------- ----------- --------
Amortisation/Impairment
At 1 January 2022 5,241 952 1,845 354 8,392
Amortisation for the period 680 132 - 51 863
Impairment - - 1,474 - 1,474
Amortisation eliminated - - - - -
on disposal
Exchange differences - 21 - - 21
--------- --------- --------- ----------- --------
At 30 June 2022 5,921 1,105 3,319 405 10,750
--------- --------- --------- ----------- --------
Net Book Value at 30
June 2022 6,337 2,815 10,841 105 20,098
========= ========= ========= =========== ========
For the period from 1
January 2021 to 30 June
2021 (unaudited) Customer Technology
Related Licences Goodwill Related Total
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 January 2021 12,258 3,234 14,160 510 30,162
Additions - 38 - - 38
Disposals - (161) - - (161)
Exchange differences - (20) - - (20)
----------- ----------- ----------- ------------- ---------
At 30 June 2021 12,258 3,091 14,160 510 30,019
----------- ----------- ----------- ------------- ---------
Amortisation/Impairment
At 1 January 2021 3,871 751 1,845 252 6,719
Amortisation for the period 692 247 - 50 989
Disposals - (155) - - (155)
----------- ----------- ----------- ------------- ---------
At 30 June 2021 4,563 843 1,845 302 7,553
----------- ----------- ----------- ------------- ---------
Net Book Value at 30
June 2021 7,695 2,248 12,315 208 22,466
=========== =========== =========== ============= =========
For the period from 1
January 2021 to 31 December
2021 (audited) Customer Technology
Related Licences Goodwill Related Total
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 January 2021 12,258 3,234 14,160 510 30,162
Additions - 309 - - 309
Disposals - (90) - - (90)
Exchange differences - (66) - - (66)
----------- ----------- ----------- --------------- -----------
At 31 December 2021 12,258 3,387 14,160 510 30,315
----------- ----------- ----------- --------------- -----------
Amortisation/Impairment
At 1 January 2021 3,871 751 1,845 252 6,719
Amortisation for the period 1,370 204 - 102 1,676
Disposals - (90) - - (90)
Exchange differences - 87 - - 87
----------- ----------- ----------- --------------- -----------
At 31 December 2021 5,241 952 1,845 354 8,392
----------- ----------- ----------- --------------- -----------
Net Book Value at 31
December 2021 7,017 2,435 12,315 156 21,923
=========== =========== =========== =============== ===========
The goodwill included in the above note, relates to the acquisitions of Pallet Express Srl in January 2016, Easy Managed Transport in March 2017, Benfleet Forwarding Limited in October 2017, Regional Express Limited in November 2017, Anglia Forwarding Group Limited in June 2018, Import Services Limited in July 2018, International Cargo Centre in January 2020, and Nidd Transport Limited in October 2020. This is the total value of intangible assets with an indefinite useful life allocated to each respective cash generating unit.
During the first half of 2022, a prudent reassessment of Delamode Anglia was carried out and based on current trading expectations and forecast performance, the Group has impaired the goodwill in Delamode Anglia Limited by GBP1.5m. This resulted in an impairment of GBP1,474,000 which is included within administrative expenses in the Condensed Consolidated Income Statement.
6) Property, plant and equipment
For the period from 1 Fixtures,
January 2022 to 30 June Freehold Fittings Motor Computer
2022 (unaudited) Property and Equipment Equipment Equipment Total
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 January 2022 322 4,248 921 3,824 9,315
Additions - 246 73 705 1,024
Disposals - (20) (73) (98) (191)
Exchange differences 27 20 11 27 85
---------- --------------- ----------- ----------- -------
At 30 June 2022 349 4,494 932 4,458 10,233
---------- --------------- ----------- ----------- -------
Depreciation
At 1 January 2022 121 1,881 529 2,221 4,752
Charge for the period 19 292 21 220 552
Eliminated on disposal - - (43) - (43)
Exchange differences 24 9 10 11 54
---------- --------------- ----------- ----------- -------
At 30 June 2022 164 2,182 517 2,452 5,315
---------- --------------- ----------- ----------- -------
Net book value 30 June
2022 185 2,312 415 2,006 4,918
========== =============== =========== =========== =======
For the period from 1 Fixtures,
January 2021 to 30 June Freehold Fittings Motor Computer
2021 (unaudited) Property and Equipment Equipment Equipment Total
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 January 2021 258 2,666 1,024 2,745 6,693
Additions 60 444 30 488 1,022
Disposals (8) (44) (83) (45) (180)
Exchange differences (8) (50) (115) (65) (238)
----------- --------------- ------------ ------------ --------
At 30 June 2021 302 3,016 856 3,123 7,297
----------- --------------- ------------ ------------ --------
Depreciation
At 1 January 2021 97 1,462 671 1,767 3,997
Charge for the period 15 234 19 241 509
Eliminated on disposal (8) (44) (83) (45) (180)
)
Exchange differences (8) (42) (71) (17) (138)
)
----------- --------------- ------------ ------------ --------
At 30 June 2021 96 1,610 536 1,946 4,188
----------- --------------- ------------ ------------ --------
Net book value 30 June
2021 206 1,406 320 1,177 3,109
=========== =============== ============ ============ ========
For the period from 1 Fixtures
January 2021 to 31 December Freehold Fittings Motor Computer
2021 (audited) Property and Equipment Equipment Equipment Total
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
At 1 January 2021 258 2,666 1,024 2,745 6,693
Additions 106 1,717 145 1,294 3,262
Disposals (31) (74) (209) (160) (474)
Exchange differences (11) (61) (39) (55) (166)
At 31 December 2021 322 4,248 921 3,824 9,315
---------- --------------- ----------- ------------ -------
Depreciation
At 1 January 2021 97 1,462 671 1,767 3,997
Charge for the period 35 513 61 499 1,108
Eliminated on disposal (8) (70) (176) (12) (266)
Exchange differences (3) (24) (27) (33) (87)
---------- --------------- ----------- ------------ -------
At 31 December 2021 121 1,881 529 2,221 4,752
---------- --------------- ----------- ------------ -------
Net book value 31 December
2021 201 2,367 392 1,603 4,563
========== =============== =========== ============ =======
7) Right-of-use assets
For the period from 1 January 2022 to 30 June 2022 (unaudited)
Property Premises Equipment Total
GBP000 GBP000 GBP000
Cost
At 1 January 2022 68,315 7,658 75,973
Additions 3,312 2,231 5,543
Disposals (383) (200) (583)
Exchange differences 361 62 423
------------------ ---------- --------
At 30 June 2022 71,605 9,751 81,356
------------------ ---------- --------
Depreciation
At 1 January 2022 16,164 1,488 17,652
Charge for the period 4,484 1,215 5,699
Eliminated on disposal (382) (193) (575)
Exchange differences 128 11 139
------------------ ---------- --------
At 30 June 2022 20,394 2,521 22,915
------------------ ---------- --------
Net book value
------------------ ---------- --------
At 30 June 2022 51,211 7,230 58,441
================== ========== ========
For the period from 1 January 2021 to 30 June 2021 (unaudited)
Property Premises Equipment Total
GBP000 GBP000 GBP000
Cost
At 1 January 2021 41,378 2,247 43,625
Additions 798 39 837
Disposals (1,412) (83) (1,495)
Exchange differences (690) (19) (709)
------------------ ---------- --------
At 30 June 2021 40,074 2,184 42,258
------------------ ---------- --------
Depreciation
At 1 January 2021 11,223 803 12,026
Charge for the period 3,404 314 3,718
Eliminated on disposal (1,412) (83) (1,495)
Exchange differences (146) (5) (151)
------------------ ---------- --------
At 30 June 2021 13,069 1,029 14,098
------------------ ---------- --------
Net book value
------------------ ---------- --------
At 30 June 2021 27,005 1,155 28,160
================== ========== ========
For the period from 1 January 2021 to 31 December 2021 (audited)
Property Premises Equipment Total
GBP000 GBP000 GBP000
Cost
At 1 January 2021 41,378 2,247 43,625
Additions 32,426 6,010 38,436
Disposals (4,461) (570) (5,031)
Exchange differences (1,028) (29) (1,057)
At 31 December 2021 68,315 7,658 75,973
------------------ ---------- --------
Depreciation
At 1 January 2021 11,223 803 12,026
Charge for the period 7,379 1,204 8,583
Eliminated on disposal (2,223) (506) (2,729)
Exchange differences (215) (13) (228)
At 31 December 2021 16,164 1,488 17,652
------------------ ---------- --------
Net book value
------------------ ---------- --------
At 31 December 2021 52,151 6,170 58,321
================== ========== ========
8) Share Capital
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
Allotted, issued and fully
paid
Ordinary shares of GBP0.05p
each 141,688 141,633 141,688
Ordinary shares of GBP0.05p
each 7,084 7,082 7,084
Deferred Shares of GBP1 each 50 50 50
Total authorised Share Capital 7,134 7,132 7,134
The deferred shares are non-voting shares and have no rights to any distribution or dividend payments.
On 8 July 2021, SP Angel exercised their option to subscribe for 55,250 Ordinary Shares at the price of GBP0.24 per share.
9) Non-Controlling Interests
Non-Controlling interests held in the group are as follows:
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
Delamode Baltics UAB 20.00% 20.00% 20.00%
Delamode Estonia OÜ 20.00% 20.00% 20.00%
Delamode Bulgaria OOD 10.00% 10.00% 10.00%
Affinity Leasing IFN 0.05% 0.05% 0.05%
Delamode Distribution UK Limited 49.00% 49.00% 49.00%
10) Loans
Unaudited Unaudited Audited
30 June 30 June 31 December
2021
2022 2021
GBP000 GBP000 GBP000
Current
Bank loans & invoicing discount
facility 10,748 11,057 16,493
========== ========== ============
Non Current
Loans 1- 2 years 909 359 -
Loans 2- 5 years 3,623 1,186 -
Loans due after five years repayable - 175 -
by instalments
---------- ---------- ------------
Total Loans due after one year 4,532 1,720 -
========== ========== ============
In H1 2022 loans to the value of GBP5,441,000 were taken out with Investec, these are secured by a fixed and floating charge over the Group's UK entities' assets.
11) Leases liabilities - right-of-use assets
Unaudited Unaudited Audited
30 June 30 June 31 December
2021
2022 2021
GBP000 GBP000 GBP000
Current
Leases 10,346 6,927 9,053
========== ========== ============
Non current
Leases 1- 2 years 9,524 6,395 8,528
Leases 2- 5 years 12,904 9,805 13,852
Leases due after five years repayable
by instalments 27,338 6,033 28,245
---------- ---------- ------------
Total Leases due after one year 49,766 22,233 50,625
========== ========== ============
12) Exceptional Items
The Group incurred non-recurring costs totalling GBP336,000 (H1 2021: GBP398,000) due to: redundancy and restructuring costs of GBP184,000 (H1 2021: GBP234,000) and aborted acquisition costs of GBP152,000, (H1 2021: GBPnil). Additionally, there were costs for the new facility in Southampton H1 2021: GBP164,000.
Adjusted earnings per share has been calculated as follows:
Unaudited Unaudited Audited
6 months 6 months Year to
to to
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
(Loss)/profit for the period
attributable to the owners of
the parent (2,471) 930 417
Exceptional items 336 398 2,610
Amortisation of intangibles relating
to acquisitions 731 742 1,472
Impairment of goodwill arising 1,474 - -
on acquisition
Additional incurred interest charge
- IFRS 16 313 167 714
---------- ---------- ------------
Adjusted profit for the period 383 2,237 5,213
========== ========== ============
INDEPENT REVIEW REPORT TO XPEDIATOR PLC
Conclusion
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2022 which comprises:
- the condensed consolidated income statement and statement of comprehensive income, - the condensed consolidated statement of financial position, - the condensed consolidated statement of cash flows, - the condensed consolidated statement of changes in equity; and - the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2022 is not prepared, in all material respects, in accordance with UK-adopted International Accounting Standard 34 and the AIM Rules for Companies.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed on page 16, the annual financial statements of the group are prepared in accordance with UK-adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK-adopted International Accounting Standard 34, "Interim Financial Reporting.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis of Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with this ISRE (UK), however future events or conditions may cause the entity to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies.
In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
Use of our report
This report is made solely to the Company in accordance with International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. Our review work has been undertaken so that we might state to the Company those matters we are required to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have formed.
Crowe U.K. LLP
London, United Kingdom
26 September 2022
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(END) Dow Jones Newswires
September 26, 2022 02:01 ET (06:01 GMT)
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