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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 |
TIDMXPD
RNS Number : 4750L
Xpediator PLC
13 September 2021
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
13 September 2021
XPEDIATOR PLC
("Xpediator", the "Company" or the "Group")
CONDENSED INTERIM RESULTS
FOR THE SIX MONTHS TO 30 JUNE 2021
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 interim results for the six months ended 30 June 2021.
H1 2021 Financial Highlights
-- Group revenue of GBP126.6m (2020: GBP99.6m).
-- Adjusted profit before tax(1) of GBP3.6m (2020: GBP2.1m) reflecting continued growth within key CEE markets, incremental revenue generated from customs clearance, full recovery from a COVID-19 affected market and execution of a clear and simplified business strategy.
-- Adjusted earnings per share of 1.58 pence (2020: 1.03 pence). -- Basic earnings per share of 0.66 pence (H1 2020: loss per share of 0.25 pence). -- Interim dividend increased by 11% to 0.50 pence per share (H1 2020: 0.45 pence).
Divisional Overview
-- Freight Forwarding revenue increased 28.5% to GBP100.8m (2020: GBP78.4m) generating operating profit of GBP4.1m (H1 2020: GBP2.6m), driven primarily by growth in CEE, enhanced sea freight rates and successful implementation of a UK customs clearance department.
-- Logistics and Warehousing revenue increased by 22.0% to GBP22.9m (H1 2020: GBP18.7m) giving an operating profit of GBP0.4m (2020: GBP0.6m), resulting from continued strong performance from the Romania Pallex business, offset by start-up costs linked to the UK new build 200,000 sqft facility in Southampton and the UK Braintree facility turnaround.
-- Transport Support Services revenue increased by GBP0.5m to GBP3.0m (2020: GBP2.5.m) and operating profit to GBP1.3m (2020: GBP0.9m).
Post Period Highlights
-- UK strategic partnership with e-fulfilment leader Synergy Retail Support.
-- Opening of 200,000 sqft new build warehouse extension in Southampton for Delamode International Logistics.
-- Review and development of the Group digitalisation strategy and recruitment of a new Group Digitalisation Director.
-- Further recruitment of key senior personnel to enhance and strengthen leadership.
-- Well placed to achieve an improved performance in the second half of 2021 with adjusted profit before tax for the full year expected to be in excess of GBP8.5m.
-- Healthy pipeline of potential acquisitions.
(1) Profit before tax has been adjusted for exceptional items of restructuring costs and deferred consideration release of GBP398,000 (H1 2020 - GBP700,000) non-cash interest on deferred consideration of GBPnil (H1 2020 - GBP161,000), amortisation of acquisition related intangibles of GBP742,000 (H1 2020: GBP726,000), additional interest charge of GBP167,000 (H1 2020: GBP171,000) following the application of IFRS 16.
Alex Borrelli, Chairman, commented:
"These financial results show an all-round enhanced performance aligned to a clearer business strategy. All divisions performed well but particularly impressive was the performance of our Freight Forwarding division with Lithuania and Bulgaria reporting strong results.
As indicated by way of the trading update released in June 2021, the Group is expecting a further strong operational and financial performance in H2 2021. This is extremely pleasing and takes into account business strategy alignment, key personnel employed and cost reduction decisions taken in H2 2020.
Finally, I welcome Mark Whiteling as my successor as Chairman effective 22 September 2021.
Enquiries:
Xpediator plc Tel: +44 (0)330 043 2395 Robert Ross, Chief Executive Officer Email: info@xpediator.com Mike Williamson, Chief Financial Officer Cenkos Securities plc (Nominated Advisor & Tel: +44 (0)20 7397 Broker) 8900 Giles Balleny, Max Gould (Corporate Finance) Alex Pollen, Michael Johnson (Sales) Novella Communications (Financial Public Relations) Tel: +44 (0)20 3151 7008 Tim Robertson Fergus Young
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 9 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 .
Chief Executive Statement
Introduction
We are pleased to present the Group's financial performance for the first six months of 2021. Whilst market conditions remain highly competitive, demand for the Company's freight management services has remained strong.
Our strategy remains focused around building a scalable and risk adjusted platform to support our freight management companies across the UK and Europe with a particular expertise in Central and Eastern Europe ("CEE").
H1 2021 Trading
The Group generated revenue of GBP126.6m during the six months ended 30 June 2021 (H1 2020: GBP99.6m), adjusted operating profit of GBP4.0m(2) (H1 2020: GBP2.5m) and reported profit before tax of GBP2.3m (H1 2020: GBP0.3m).
2 Operating Profit has been adjusted for the exceptional items of GBP398,000 (H1 2020 : GBP700,000) and the amortisation charge of GBP742,000 (H1 2020 : GBP726,000)
Revenue generated in the CEE increased by 24.3% to GBP78.8m (H1 2020: GBP63.4m), whilst demand for services in the UK increased by 32.0% to GBP47.8m (H1 2020: GBP36.2m).
Net debt (excluding right-of-use assets debt) at 30 June 2021 was GBP1.6m (31 December 2020: net cash GBP6.8m). The negative movement is primarily a reflection of considerable advance supplier payments required in line with market supplier availability, increased freight rates, delays in client payments linked to acceptance of Brexit related charges and some delays in collecting UK receivables following a change in operational system, personnel and structures within the UK freight forwarding finance and shared service teams. This item is receiving significant focus, has already improved and is expected to be fully unwound by the year end.
The Directors are declaring an increased interim dividend of 0.50 pence (H1 2020: 0.45 pence) per share totalling GBP708,442 (H1 2020: GBP637,349) to be paid on 29 October 2021. This dividend has not been accrued in the consolidated statement of financial position.
Operational Review
Freight Forwarding
Revenue H1 2021: GBP100.8m H1 2020: GBP78.4m Operating profit H1 2021: GBP4.1m H1 2020: GBP2.6m
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 79.6% of the Group's revenue has continued to grow in 2021 with revenue in H1 2021 increasing by 28.5%, and resulting in operating profit increasing 54.1% to GBP4.1m (H1 2020: GBP2.6m).
Growth within Freight Forwarding has been principally driven by continued strong performance in Lithuania and Bulgaria. Other businesses have performed in line with expectations although future growth is expected in the Romania and UK following the appointment of new senior management.
Logistics & Warehousing
Revenue H1 2021: GBP22.9m H1 2020: GBP18.7m Operating profit H1 2021: GBP0.4m H1 2020: GBP0.6m
The Logistics and Warehousing division includes businesses in the UK and Romania under the Delamode and Pallex brands.
Overall, revenue increased by GBP4.2m (22.0%) however operating profit decreased by GBP0.2m (37.3%). Whilst there has been a continued strong performance from Romania Pallex, this contribution to operating profit was offset by start-up costs linked to the UK new build 200,000 sqft facility in Southampton and the turnaround of UK Braintree and Fashion operations. Following the strategic partnership with Synergy Retail Support Limited, new customers acquisitions have been made in Braintree.
Logistics activity under the successful operation of the master franchise Pallex pallet distribution network in Romania contributed strongly during this period and is now moving on average approximately 78,000 pallets of freight monthly (H1 2020: 67,000 per month), servicing mainly manufacturers, retailers and importers in Romania and the surrounding region. Revenue and operating profit increased by 20.9% and 25.7% respectively versus H1 2020.
Warehousing activity in Romania has remained robust. Revenue and operating profit increased by 17.1% and 60.0% respectively versus H1 2020.
The Import Services business in Southampton UK was rebranded as Delamode International Logistics in H1 2021 with results in line with expectations whilst being impacted by additional costs associated with the 200,000 sqft new build warehouse that is now complete and operational. The outlook for H2 2021 is positive and in line with the seasonality of the business unit, the build completion and a strong sales pipeline.
The Delamode International Logistics warehouse in Braintree continues to be in the turnaround phase with additional attention and focus being placed on obtaining new contracts and improving operational efficiency.
Transport Support Services
Revenue H1 2021: GBP3.0m H1 2020: GBP2.5m Operating profit H1 2021: GBP1.3m H1 2020: GBP0.9m
Transport Support 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.
As well as acting independently, Affinity's commercial model allows the Group to generate synergies as many of the hauliers who are customers of Affinity also supply haulage services to Group companies. This enables the Group to have a good understanding of its customers and suppliers and underpins the Group's ability to source transport especially when capacity is low.
Transport Services recovered in H1 2021 with revenue increasing by GBP0.5m (20.2%) and operating profit increasing by GBP0.4m (42.8%). This recovery reflects a return to pre-pandemic volumes and growth in the Balkans business.
Outlook
Xpediator Plc has performed well in H1 2021 with revenues and profitability for the year now expected to be above the expectations set at the outset of the year. Our mix of geographies and freight management services represents a unique combination and continues to provide our customers with solutions to access these markets and store their goods. We are confident in the future demand for our services and are focused on ensuring we have the right growth disciplines, infrastructure and personnel in place to support the profitable expansion of the Group going forward. In this regard the Group continues to review a number of acquisition opportunities, in line with its business plan and growth strategy.
As communicated in the trading update released on 25 June 2021, we believe the Group, which traditionally has earnings weighted to the second half of the year, is well placed to deliver full year adjusted profit before tax in excess of GBP8.5 million.
Robert Ross
13 September 2021
Chief Financial Officer Financial Review
Revenue
Revenue for the six months to 30 June 2021 was GBP126.6m, an increase of GBP27m or 27.1% on the comparable period (H1 2020: GBP99.6m).
Revenue increased within the Freight Forward business by GBP22.4m, Logistics and Warehouse revenue increased by GBP4.2m and Transport Services revenue increased by GBP0.5m.
Gross Profit
Gross profit increased by GBP4.3m mainly as a result of the increased turnover. Margins have seen a slight decline from 24.8% to 22.8%.
Operating profit
Statutory operating profit for the period was GBP2.9m (H1 2020: GBP1.1m).
Financing costs
The net interest expense for the period was GBP0.6m (H1 2020: GBP0.8m). The reduction of GBP0.2m was mainly due to the reduction in the non-cash interest charge following the settlement of all deferred consideration.
Tax
The tax charge for the period was GBP0.8m (H1 2020: GBP0.1m). This equates to an effective tax rate of 34.6% (H1 2020: 32.4%).
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 31 December 2021 2020 2020 GBP000 GBP000 GBP000 Profit before tax (as reported) 2,271 302 3,934 -------------------------------------- ---------------- ------------ Exceptional items (See note 12) 398 700 1,377 Unwind and add back of discount on deferred consideration - 161 140 Amortisation of intangibles relating to acquisitions 742 726 1,464 Discount on deferred consideration - - (52) Additional incurred interest charge - IFRS 16 (3) 167 171 376 -------------------------------------- ---------------- ------------ Total adjustments 1,307 1,758 3,305 -------------------------------------- ---------------- ------------ Adjusted profit before tax 3,578 2,060 7,239 -------------------------------------- ---------------- ------------
(3) The additional incurred interest charge - IFRS 16 represents the difference between the cash rental payments and the accounting charges for depreciation and interest.
Adjusted profit after tax
A reconciliation between reported profit after tax and adjusted profit after tax is shown below:
Unaudited Unaudited Audited 6 months 6 months to to Year to 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 Adjusted profit before tax 3,578 2,060 7,239 Actual tax charge (786) (98) (874) Tax Impact on: Amortisation of intangibles relating to acquisitions (141) (138) (278) Additional incurred interest charge - IFRS 16 (32) (32) (71) -------------------------------------- ---------------- ------------ Total tax impact on adjusted items (959) (268) (1,223) -------------------------------------- ---------------- ------------ Adjusted profit after tax 2,619 1,792 6,016 -------------------------------------- ---------------- ------------
Statement of Financial Position
Total Assets: The Group had total assets of GBP148.7m as at 30 June 2021 (31 December 2020: GBP138.2m).
Total Liabilities: The Group had total liabilities of GBP117.0m as at 30 June 2021 (31 December 2020: GBP107.0m).
Net Assets The Group had net assets of GBP31.7m as at 30 June 2021 (31 December 2020: GBP31.1m).
Net (Debt)/Cash Reconciliation
Unaudited Unaudited Audited 6 months 6 months to to Year to 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 Cash at Bank 11,194 11,586 12,720 Confidential invoice discounting facility (10,715) (3,777) (3,732) Overdraft - (1,070) - Bank Loans (2,062) (2,419) (2,230) Lease liabilities - right-of-use-assets (29,160) (26,212) (32,240) -------------------------------------- ---------------- ------------
Total Debt (41,937) (33,478) (38,202) -------------------------------------- ---------------- ------------ Net Debt (30,743) (21,892) (25,482) -------------------------------------- ---------------- ------------ Net (Debt)/Cash excluding right-of-use-assets (1,583) 4,320 6,758 -------------------------------------- ---------------- ------------
Net debt (excluding right-of-use assets debt) at 30 June 2021 was GBP1.6m (31 December 2020: net cash of GBP6.8m).
As reflected in the increased usage of the confidential invoice discounting facility, the negative movement is primarily a reflection of considerable advance supplier payments required in line with market supplier availability, increased freight rates, delays in client payments linked to acceptance of Brexit related charges and some delays in collecting UK receivables following a change in operational system, personnel and structures within the UK freight forwarding finance and shared service teams.
This item is receiving significant focus, has already improved and is expected to be largely back to normal by the year end.
Board and Executive Management Changes
On 19 January 2021, the Group announced Michael Williamson as the new CFO from 1 March 2021. He joined from international freight forwarding company Rohlig Logistics where he was the Global Director of Finance & Controlling and Regional CFO of Northern Europe.
On 6 September 2021, the Group announced Mark Whiteling as the new Non-executive chairman who will join on 22 September 2021. Mark has extensive experience in the B2B and logistics/distribution space having been Interim Chief Executive and Chief Financial Officer at Premier Farnell Plc, as well as Chief Financial Officer at Autobar Group Limited and Tibbett & Britten Group Plc. His most recent executive experience was as Chief Financial Officer at Interserve Plc leading the financial restructuring of that business. Mark is currently the Senior Independent Director for Smiths News Plc as well as Chair of the Audit Committee. He has also been the Senior Independent Director of Hogg Robinson Group Plc and was a Non-Executive Director at Future Plc.
Dividends
The Directors are declaring an interim dividend of 0.50 pence (H1 2020: 0.45 pence) per share totalling GBP708,442 (H1 2020: GBP637,349). The dividend will be payable to shareholders on the register on 15 October 2021 with the ex div date being 14 October 2021. The dividend will be paid on 29 October 2021.
Michael Williamson
13 September 2021
Condensed income statement Unaudited Unaudited Audited 6 months 6 months Year to to to 30 June 30 June 31 December 2021 2020 2020 Note GBP000 GBP000 GBP000 ---------------------------------------------- ----- ---------------- ---------- ------------ Gross billings 177,676 155,908 342,981 ---------------------------------------------- ----- ---------------- ---------- ------------ Revenue 1 126,623 99,637 221,226 Cost of sales (97,694) (74,976) (165,640) Gross profit 28,929 24,661 55,586 Other operating income 546 873 1,250 Impairment loss on receivables (287) (592) (853) Administrative expenses (26,294) (23,875) (50,680) Operating profit 2,894 1,067 5,303 EBIT ---------------------------------------------- ----- ---------------- ---------- ------------ Exceptional items included in administrative expenses above 12 398 700 1,377 Operating profit before exceptional items 3,292 1,767 6,680 ---------------------------------------------- ----- ---------------- ---------- Finance income 57 4 95 Finance costs (171) (120) (324) Right-of-use asset interest charge (509) (488) (1,000) Non cash finance costs 12 - (161) (140) Profit before tax 2,271 302 3,934 Income tax (786) (98) (874) Profit for period 1,485 204 3,060 ================ ========== ============ Profit/(loss) attributable to: Owners of the parent 930 (346) 2,031 Non-controlling interests 555 550 1,029 ---------------- ---------- ------------ Profit for period 1,485 204 3,060 EPS attributable to the owners of the parent Basic earnings/(loss) pence per share 3 0.66 (0.25) 1.46 Diluted earnings/(loss) pence per share 3 0.64 (0.25) 1.46 Adjusted basic earnings per share 3 1.58 1.03 3.84 Adjusted diluted earnings per share 3 1.54 1.03 3.84 Condensed Statement of Comprehensive Unaudited Unaudited Audited Income 6 months 6 months Year to to to 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 ---------- ---------- ------------ Profit for the period 1,485 204 3,060 ---------- ---------- ------------ Other comprehensive income: items that may be reclassified to profit or loss Exchange differences on translation of foreign operations (660) 656 547 ---------- ---------- ------------ Total comprehensive income for the period 825 860 3,607 ---------- ---------- ------------ Total comprehensive income attributable to: Owners of the parent 305 265 2,542 Non-controlling interests 520 595 1,065 ---- ---- ------ Total comprehensive income for the period 825 860 3,607 ==== ==== ====== Condensed Statement of Financial Position Unaudited Unaudited Audited 30 June 30 June 31 December 2021 2020 2020 Note GBP000 GBP000 GBP000 ---------------- --------------- --------------- Non-current assets Intangible assets 5 22,466 24,573 23,443 Property, plant and equipment 6 3,109 2,471 2,696 Right-of-use assets 7 28,160 25,284 31,599 Investments - unlisted 1 1 1 Trade and other receivables 286 1,541 252 Deferred tax 719 699 707 ---------------- --------------- --------------- Total non-current assets 54,741 54,569 58,698 Current assets Inventories 55 255 59 Trade and other receivables 82,750 56,605 66,723 Cash and cash equivalents 11,194 11,586 12,720 Total current assets 93,999 68,446 79,502
Total assets 148,740 123,015 138,200 ---------------- --------------- --------------- Equity Share capital 8 7,132 7,131 7,132 Share premium 13,139 13,139 13,139 Equity reserve 121 1 1 Translation reserve (44) 681 581 Merger reserve 3,102 3,102 3,102 Retained earnings 6,831 4,161 5,901 ---------------- --------------- --------------- Total equity before non-controlling interests 30,281 28,215 29,856 Non-controlling interests 9 1,468 1,181 1,332 Total equity after non-controlling interests 31,749 29,396 31,188 Non-current liabilities Provisions 1,477 1,748 2,153 Trade and other payables 229 108 132 Interest bearing loans and borrowings 10 1,720 2,074 1,896 Lease liabilities - right-of-use assets 11 22,233 19,740 25,376 Deferred tax 1,545 1,748 1,697 ---------------- --------------- --------------- Total Non-current liabilities 27,204 25,418 31,254 ---------------- --------------- --------------- Current liabilities Provisions 732 - - Trade and other payables 71,071 55,856 64,828 Deferred consideration - 681 - Interest bearing loans and borrowings 10 11,057 4,122 4,066 Overdrafts - 1,070 - Lease liabilities - right-of-use assets 11 6,927 6,472 6,864 ---------------- --------------- --------------- Total current liabilities 89,787 68,201 75,758 ---------------- --------------- --------------- Total liabilities 116,991 93,619 107,012 ---------------- --------------- --------------- Total equity and liabilities 148,740 123,015 138,200 ================ =============== =============== Condensed Statement of Cash Flows Unaudited Unaudited Audited 6 months 6 months Year to to to 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 ---------------- --------------- --------------- Profit before tax 2,271 302 3,934 Adjustment for: Depreciation 4,227 3,669 7,168 Amortisation 989 878 1,730 Finance costs 680 769 1,464 Finance income (57) (4) (95) Share based payment charge 121 (15) (15) Deferred consideration adjustment - - (344) Disposal of EshopWedrop subsidiaries - - 270 Loss on disposal of intangible assets 6 - 339 Loss/(profit) on disposal of property, plant and equipment - 5 (787) ---------------- --------------- --------------- 8,237 5,604 13,664 Changes in working capital: Decrease/(increase) in stock 4 (137) 59 (Increase)/decrease in trade and other receivables (16,062) 3,831 (4,998) Increase/(decrease) in trade and other payables 6,341 (3,987) 6,735 Increase in provisions 56 74 402 ---------------- --------------- --------------- Net cash (used)/generated from operating activities (1,424) 5,385 15,862 ---------------- --------------- --------------- Continuing operations Cash flows from operating activities Interest paid (513) (121) (948) Tax paid (613) (353) (848) ---------------- --------------- --------------- Net cash from operating activities (2,550) 4,911 14,066 Cash flows from investing activities Purchase of tangible fixed assets (1,022) (350) (860) Proceeds from sale of intangible assets - - 397 Purchase of intangible assets (38) (355) (489) Cash proceeds from sale and leaseback - - 2,900 Net cash acquired from acquisitions - - (3,650) Cash paid on deferred consideration of acquisition - (3,711) (4,368) Interest received 57 4 43 Net outflow from investing activities (1,003) (4,412) (6,027) ---------------- --------------- --------------- Cash flows from financing activities New loans 7,167 1,437 1,350 Loan repayments (176) - (386) Dividend paid - - (636) Transactions with non-controlling interests - 169 - Non-controlling interest dividends paid (384) (227) (546) Repayments on Leases (3,601) (3,593) (7,587) Net cash inflow/(outflow) from financing activities 3,006 (2,214) (7,805) ---------------- --------------- --------------- Unaudited Unaudited Audited 6 months 6 months to to Year to 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 ---------- ---------- ------------ (Decrease)/increase in cash and cash equivalents from continuing operations (547) (1,715) 234 Cash and cash equivalents at beginning of period 12,720 11,951 11,951 Effect of foreign exchange rate movements (979) 280 535 ---------- ---------- ------------ Cash and cash equivalents at end of period 11,194 10,516 12,720 ========== ========== ============
Condensed Statement of Changes in Equity
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 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------- --------- -------- ------------ -------- --------- --------- --------- --------- 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 ======== ========= ======== ============ ======== ========= ========= ========= =========
For the six months to 30 June 2020 (unaudited)
Share Share Equity Translation Merger Retained Total Capital Premium Reserve Reserve Reserve Earnings Total NCI Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------- --------- -------- ------------ -------- ---------- --------- --------- --------- Balance at 1 January 2020 6,854 11,987 16 70 3,102 6,094 28,123 887 29,010 Acquisition of subsidiary - - - - - - - (232) (232) Transfer on acquisition of non-controlling interest - - - - - (158) (158) 158 - Share option charge - - (15) - - - (15) - (15) Dividends paid 277 1,152 - - - (1,429) - (227) (227) -------- --------- -------- ------------ -------- ---------- --------- --------- --------- Total contributions by and distributions to owners 277 1,152 (15) - - (1,587) (173) (301) (474) (Loss)/profit for the period - - - - - (346) (346) 550 204 Exchange differences on foreign operations - - - 611 - - 611 45 656 -------- --------- -------- ------------ -------- ---------- --------- --------- --------- Total comprehensive income/(loss) for the period - - - 611 - (346) 265 595 860 -------- --------- -------- ------------ -------- ---------- --------- --------- --------- Balance at 30 June 2020 7,131 13,139 1 681 3,102 4,161 28,215 1,181 29,396 ======== ========= ======== ============ ======== ========== ========= ========= =========
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE PERIOD TO 30 JUNE 2021
General information
The financial information included in this condensed 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 2021 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 2020, except as noted below for new standards adopted. The statutory accounts of Xpediator PLC for the year ended 31 December 2020 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 financial statements were authorised for issue by the board of directors on 13 September 2021.
Basis of preparation
Xpediator Plc (the 'Company') is a company incorporated in England. The consolidated condensed interim financial statements of the Company for the six month period ended 30 June 2021 comprise the Company and its subsidiaries (together referred to as the 'Group'). The condensed 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 consolidated financial statements of the Group for the year ended 31 December 2020.
The preparation of the condensed 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 cash balances as at 30 June 2021, and funding facilities in place across the group, which it does not envisage will be withdrawn thus there are sufficient funds available to meet its liabilities as they fall due. The financial statements have therefore been prepared on a going concern basis.
The directors believe that based on the current budgets and forecast cash flows, there is sufficient resources to meet its liabilities as they fall due.
1) Turnover analysis by Country & Segment Unaudited Unaudited Audited 6 months 6 months to to Year to 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 ----------- ---------- ------------ United Kingdom 47,806 36,204 83,194 Lithuania 38,917 29,388 63,988 Romania 18,541 15,153 33,640 Bulgaria 13,821 12,135 25,635 Other 7,538 6,757 14,769 ----------- ---------- ------------ Total Income 126,623 99,637 221,226 ----------- ---------- ------------ Unaudited Unaudited Audited 6 months 6 months to to Year to 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 ----------- --------------------- ------------- Freight Forwarding United Kingdom 34,813 25,770 56,889 Romania 6,439 5,016 11,305 Lithuania 38,917 29,388 63,988 Bulgaria 13,821 12,135 25,635 Other 6,765 6,088 13,179 ----------- --------------------- ------------- Total Income Freight Forwarding 100,755 78,397 170,996 ----------- --------------------- ------------- Logistics & Warehousing United Kingdom 12,993 10,434 26,305 Romania 9,878 8,313 18,182
Total Income Logistics & Warehousing 22,871 18,747 44,487 ------- ------- ------- Transport Solutions Romania 2,224 1,824 4,153 Other 773 669 1,590 ------ ------ ------ Total Income Transport Solutions 2,997 2,493 5,743 ------ ------ ------ Total Income 126,623 99,637 221,226 -------- -------- -------- 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, Logistics & Warehousing and Transport Solutions. 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 79.6% of its external revenues contributed in 2021 (H1 2020: 78.7%)
-- Logistics & Warehousing - This division provides warehousing and domestic distribution and generated 18.1% of the Group's external revenues in 2021 (H1 2020: 18.8%).
-- 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 2.3% of the Group's business in terms of external revenue (H1 2020: 2.5%)
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 for the period Freight Logistics Transport Unallocated Total to 30 June 2021 Forwarding & Warehousing Solutions 2021 2021 2021 2021 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------ --------------- ----------- ------------ --------- 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 for the period Freight Logistics Transport Unallocated Total to 30 June 2020 Forwarding & Warehousing Solutions 2020 2020 2020 2020 2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------ --------------- ----------- ------------ --------- Gross billings 78,397 19,116 58,395 - 155,908 Less recoverable disbursements - - (55,902) - (55,902) Total revenue 78,397 19,116 2,493 - 100,006 Inter-segmental revenue - (369) - - (369) ------------ --------------- ----------- ------------ --------- Total revenue from external customers 78,397 18,747 2,493 - 99,637 Depreciation & amortisation (excluding right-of-use assets depreciation) (514) (719) (24) (21) (1,278) Segment Profit before central overhead allocation (excluding exceptional items) 2,648 617 891 (2,389) 1,767 Allocation of central overheads (642) (145) (25) 812 - Segment Profit after central overhead allocation (excluding exceptional items) 2,006 472 866 (1,577) 1,767 Net finance costs (765) Exceptional items (700) --------- Profit before income tax 302 ========= Segmental Analysis for the period Freight Logistics Transport Unallocated Total to 31 December 2020 Forwarding & Warehousing Solutions 2020 2020 2020 2020 2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------ --------------- ----------- ------------ ---------- Gross billings 170,996 45,595 126,390 - 342,981 Less recoverable disbursements - - (120,647) - (120,647) Total revenue 170,996 45,595 5,743 - 222,334 Inter-segmental revenue - (1,108) - - (1,108) ------------ --------------- ----------- ------------ ---------- Total revenue from external customers 170,996 44,487 5,743 - 221,226 Depreciation & amortisation (excluding right-of-use assets depreciation) (793) (1,461) (49) (342) (2,645) Segment Profit before central overhead allocation (excluding exceptional items) 6,795 2,619 2,311 (5,045) 6,680 Allocation of central overheads (1,210) (1,004) (67) 2,281 - Segment Profit after central overhead allocation (excluding exceptional items) 5,585 1,615 2,244 (2,764) 6,680 Net finance costs (1,369) Exceptional items (1,377) ---------- Profit before income tax 3,934 ========== 3) Earnings per share Unaudited Unaudited Audited 6 months 6 months to to Year to
30 June 30 June 31 December 2021 2020 2020 GBP0004 GBP000 GBP000 ------------ ---------- ------------ Weighted average number of shares - basic 141,633 136,867 138,889 Weighted average number of shares - diluted 145,034 136,867 138,944 Profit/(loss) for the period attributable to equity holders of the company 930 (346) 2,031 Profit for the period attributable to equity holders of the company excluding exceptional, non trading and certain one-off items (see note 12) 2,237 1,412 5,336 Earnings/(loss) per share - basic (pence) 0.66 (0.25) 1.46 Earnings/(loss) per share - diluted (pence) 0.64 (0.25) 1.46 Adjusted basic earnings per share (pence) (excluding exceptional items)* 1.58 1.03 3.84 Adjusted diluted earnings per share (pence) (excluding exceptional items)* 1.54 1.03 3.84 *Earnings per share adjusted for exceptional, non-trading and certain one-off costs (see note 12) (4) All numbers presented as GBP000's except number of shares (presented as actual thousands) and Earnings per share (presented as pence) 4) Dividends The Directors are declaring an interim dividend of 0.50 pence (H1 2020: 0.45 pence) per share totalling GBP708,442 (H1 2020: GBP637,349). The dividend will be payable to shareholders on the register on 15 October 2021 with the ex div date being 14 October 2021. The dividend will be paid on 29 October 2021. 5) Intangible Asset Customer Technology For the period from 1 January Related Licences Goodwill Related Total 2021 to 30 June 2021 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------- ---------- ---------- ------------ ---------- 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 Customer Licences Goodwill Technology Total 2020 to 30 June 2020 (unaudited) related GBP'000 GBP'000 Related GBP'000 GBP'000 GBP'000 Cost At 1 January 2020 12,057 3,248 14,166 510 29,981 Acquisitions - 355 - - 355 Acquired through business combinations - - 155 - 155 Disposals - (155) - - (155) Exchange differences - 256 - - 256 --------- ---------- ---------- ----------- ---------- At 30 June 2020 12,057 3,704 14,321 510 30,592 Amortisation/Impairment At 1 January 2020 2,620 660 1,845 150 5,275 Amortisation for the period 676 152 - 50 878 Eliminated on disposal - (154) - - (154) Exchange differences - 20 - - 20 --------- ---------- ---------- ----------- ---------- At 30 June 2020 3,296 678 1,845 200 6,019 Net Book Value at 30 June 2020 8,761 3,026 12,476 310 24,573 ========= ========== ========== =========== ========== For the period from 1 January Customer Technology 2020 to 31 December 2020 (audited) Related Licences Goodwill Related Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ---------- ---------- ---------- ------------ ---------- Cost At 1 January 2020 12,057 3,248 14,166 510 29,981 Additions - 489 - - 489 Acquired through business combinations 424 - 221 - 645 Disposals (223) (579) (227) - (1,029) Exchange differences - 76 - - 76 ---------- ---------- ---------- ------------ ---------- At 31 December 2020 12,258 3,234 14,160 510 30,162 Amortisation/Impairment At 1 January 2020 2,620 660 1,845 150 5,275 Amortisation for the period 1,362 266 - 102 1,730 Disposals (111) (182) - - (293) Exchange differences - 7 - - 7 ---------- ---------- ---------- ------------ ---------- At 31 December 2020 3,871 751 1,845 252 6,719 Net Book Value at 31 December 2020 8,387 2,483 12,315 258 23,443 ========== ========== ========== ============ ==========
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.
6) Property, plant and equipment For the period from 1 January Fixtures, 2021 to 30 June 2021 (unaudited) Freehold fittings Motor Computer 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 January Fixtures, 2020 to 30 June 2020 (unaudited) Freehold fittings Motor Computer Property and equipment Equipment Equipment Total GBP000 GBP000 GBP000 GBP000 GBP000 ----------- --------------- ------------ ------------ -------- Cost At 1 January 2020 269 2,330 759 2,335 5,693 Additions 14 168 46 122 350 Disposals - (11) (9) (14) (34) Exchange differences (9) 41 34 37 103 ----------- --------------- ------------ ------------ -------- At 30 June 2020 274 2,528 830 2,480 6,112 ----------- --------------- ------------ ------------ -------- Depreciation At 1 January 2020 60 1,078 594 1,445 3,177 Charge for the period 21 199 11 169 400 Eliminated on disposal - (11) (9) (14) (34) Exchange differences 40 21 17 20 98 ----------- --------------- ------------ ------------ -------- At 30 June 2020 121 1,287 613 1,620 3,641 Net book value 30 June 2020 153 1,241 217 860 2,471 =========== =============== ============ ============ ======== For the period from 1 January Fixtures, Computer 2020 to 31 December 2020 (audited) Freehold fittings Motor Equipment Property and equipment Equipment Total GBP000 GBP000 GBP000 GBP000 GBP000 ---------- --------------- ----------- ------------ -------- Cost At 1 January 2020 269 2,330 759 2,335 5,693 Additions 20 280 145 415 860 Additions acquired with subsidiary 2,104 61 107 58 2,330 Disposals (2,104) (36) (9) (92) (2,241) Exchange differences (31) 31 22 29 51 At 31 December 2020 258 2,666 1,024 2,745 6,693 ---------- --------------- ----------- ------------ -------- Depreciation At 1 January 2020 60 1,078 594 1,445 3,177 Charge for the period 38 405 77 395 915 Eliminated on disposal - (36) (9) (92) (137) Exchange differences (1) 15 9 19 42 ---------- --------------- ----------- ------------ -------- At 31 December 2020 97 1,462 671 1,767 3,997 ---------- --------------- ----------- ------------ -------- Net book value 31 December 2020 161 1,204 353 978 2,696 ========== =============== =========== ============ ======== 7) Right-of-use assets For the period from 1 January Property Equipment 2021 to 30 June 2021 (unaudited) Premises 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) Translation (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) Revaluations (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 Property Equipment 2020 to 30 June 2020 (unaudited) Premises Total GBP000 GBP000 GBP000 ---------- ----------- ------- Cost At 1 January 2020 32,143 1,197 33,340 Additions 93 506 599 Disposals - (6) (6) Translation 640 25 665 ---------- ----------- ------- At 30 June 2020 32,876 1,722 34,598 ---------- ----------- ------- Depreciation At 1 January 2020 5,623 332 5,955 Charge for the period 3,042 227 3,269 Eliminated on disposal - (2) (2) Revaluations 98 (6) 92 ---------- ----------- ------- At 30 June 2020 8,763 551 9,314 ---------- ----------- ------- Net book value ---------- ----------- ------- At 30 June 2020 24,113 1,171 25,284 ========== =========== ======= For the period from 1 January Equipment 2020 to 31 December 2020 Property (audited) Premises Total GBP000 GBP000 GBP000 ---------- ----------- ------- Cost At 1 January 2020 32,143 1,197 33,340 Additions 8,678 678 9,356 Additions acquired with subsidiary 252 396 648 Disposals (316) (24) (340) Translation 621 - 621 At 31 December 2020 41,378 2,247 43,625 ---------- ----------- ------- Depreciation At 1 January 2020 5,623 332 5,955 Charge for the period 5,767 486 6,253 Eliminated on disposal (244) (20) (264) Revaluations 77 5 82 At 31 December 2020 11,223 803 12,026 ---------- ----------- ------- Net book value ---------- ----------- ------- At 31 December 2020 30,155 1,444 31,599 ========== =========== ======= 8) Share Capital Unaudited Unaudited Audited 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 ---------- ---------- ------------ Allotted, issued and fully paid Ordinary shares of GBP0.05p each 141,633 141,633 141,633 Ordinary shares of GBP0.05p each 7,082 7,081 7,082 Deferred Shares of GBP1 each 50 50 50 Total authorised Share Capital 7,132 7,131 7,132
The deferred shares are non-voting shares and have no rights to any distribution or dividend payments.
On 5 February 2021, the Group launched a new Company Share Option Plan ("CSOP") to certain employees. The award value is between GBP5,000 - GBP30,000 (depending on seniority within the business) divided by closing share price on the day before grant of CSOP options with an exercise price equivalent to 110% of the closing share price on the day before grant. These options vest three years from the award date and are subject to meeting a performance criteria of an average earnings per share (EPS) growth of 10% per annum, from 1 January 2021 to 31 December 2023. As at the reporting date, there were potentially 2,932,584 of shares options that could be exercised.
On 3 March 2021, the company awarded 2,430,291 to Robert Ross and Mike Williamson under a long term investment plan (LTIP). For both EPS growth and TSR, one quarter of the awards will vest once a compound annual growth rate (CAGR) in excess of 10% has been achieved and will only vest 100% once a compound annual growth rate of 25% has been achieved. Between 10% and 25% CAGR, the awards will vest pro rata.
9) Non-Controlling Interests
Non-Controlling interests held in the group are as follows:
Unaudited Unaudited Audited 30 June 30 June 31 December 2021 2020 2020
Delamode Baltics UAB 20.0% 20.0% 20.0%
Delamode Estonia OÜ 20.0% 20.0% 20.0%
Delamode Bulgaria OOD 10.0% 10.0% 10.0%
Affinity Leasing IFN 0.05% 0.05% 0.05%
Delamode Distribution UK Limited 49.0% 49.0% 49.0%
10) Loans Unaudited Unaudited Audited 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 ---------- ---------- ------------ Current Bank loans & invoicing discount facility 11,057 4,122 4,066 ---------- ---------- ------------ Other Loans Loans 1- 2 years 359 340 351 Loans 2- 5 years 1,186 1,135 1,159 Loans due after five years repayable by instalments 175 599 386 ---------- ---------- ------------ Total Loans due after one year 1,720 2,074 1,896
Bank loans and overdrafts are secured by a fixed and floating charge over the Group's assets.
11) Leases liabilities - right-of-use assets Unaudited Unaudited Audited 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 ---------- ---------- ------------ Current Current balances 6,927 6,472 6,864 ---------- ---------- ------------ Other loans Leases 1- 2 years 6,395 5,774 6,508 Leases 2- 5 years 9,805 12,080 12,317 Leases due after five years repayable by instalments 6,033 1,886 6,551 ---------- ---------- ------------ Total Leases due after one year 22,233 19,740 25,376
12) Exceptional Items
The Group incurred non-recurring costs totalling GBP398,000 (H1 2020: GBP700,000) due to: redundancy, restructuring and Southampton new site costs of GBP398,000 (H1 2020: GBP893,000), Anglia deferred consideration GBPnil (H1 2020: credit of GBP244,000), closure of the Buzzbrand business GBPnil (H1 2020: GBP51,000).
Adjusted earnings per share has been calculated as follows:-
Unaudited Unaudited 6 months 6 months Audited to to Year to 30 June 30 June 31 December 2021 2020 2020 GBP000 GBP000 GBP000 ---------- ---------- ------------ Profit/(loss) for the period attributable to the owners of the parent 930 (346) 2,031 Exceptional items 398 700 1,377 Amortisation of intangibles relating to acquisitions 742 726 1,464 Unwind and add back of discount on deferred consideration - 161 140 Discount on deferred consideration - - (52) Additional incurred interest charge - IFRS 16 167 171 376 ---------- ---------- ------------ Adjusted profit for the period 2,237 1,412 5,336 ---------- ---------- ------------
INDEPENT REVIEW REPORT TO XPEDIATOR PLC
Introduction
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 2021 which comprises the condensed consolidated income statement, the condensed consolidated 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 notes.
We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Use of our report
This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. Our work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review 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.
Directors' responsibilities
The condensed interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The directors are responsible for preparing the condensed interim report in accordance with the rules of the London Stock Exchange for companies trading securities on AIM which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
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 by the Financial Reporting Council for use in the United Kingdom. A review of the condensed 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.
Conclusion
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 2021 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.
Crowe U.K. LLP
Statutory Auditors
London
United Kingdom
13 September 2021
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