Xpediator PLC (LON:XPD) says activity in transport services and solutions has continued through the coronavirus crisis with high demand in most sectors, though there has been a slowdown in some areas.
Trading in the quarter to end-March was broadly in line with management expectations, said the freight forwarding group, with like-for-like revenues slightly up on the previous year though it had taken action to protect the business.
Temporary pay reductions have been introduced across the business, capital investment reduced while the final dividend for 2019 will be paid in shares rather than cash.
Stephen Blyth, chief executive, said: “2019 saw our revenues increase substantially by 19% to £213.2 million, and helping to end the year with strong cash balances.
“However, the outbreak of COVID-19 has changed the commercial world, with the duration and ultimate impact of the virus are as yet unknown.
“The group continues to seek acquisitions and the current crisis will, we believe, provide many opportunities to reach our target to grow the business over the next few years.”
For the year 2019, like-for-like sales increased by 10.4% with profits of £2.18mln (£5.6mln).