(Alliance News) - Xpediator PLC on Thursday said 2022 revenue surged as its European operations delivered a strong closing performance.

The Braintree, England-based freight management services provider said 2022 revenue was just below GBP400 million, up about 35% from GBP297 million a year ago.

The company said adjusted pretax profit is expected to be considerably ahead of previous guidance of GBP9.0 million. The company reported adjusted pretax profit of GBP9.0 million in 2021.

Xpediator noted that its net debt decreased by 55% to GBP3.6 million at December 31, compared to GBP8.0 million at the end of June last year. The company said the reduction was driven by positive trading and better cost control, adding that its 2023 aim is to move to a net cash position.

The company said its freight forwarding operations in Lithuania and other countries in central and eastern Europe delivered an "excellent" performance towards the end of 2022, while its UK business Delamode Anglia also improved during the closing months.

The logistics division is expected to report "satisfactory" results after a slow beginning to the year, the company said. Xpediator added that alongside good performances from Pall-ex Romania and its UK logistics division, the closure of the loss-making Beckton warehouse this month will have a positive impact on future profits.

Chief Executive Officer Mike Stone said: "Although we still face a number of macroeconomic uncertainties, internally the Company is well-prepared to build upon our 2022 performance, allowing the possibility of recommencing its dividend policy during the year."

The company said it is minded to accept a takeover bid from a consortium that includes its former chief executive Stephen Blyth and largest shareholder Cogels Investments Ltd, if a formal offer is made for the company.

In December, Xpediator received an indicative offer from the consortium, offering 42 pence per Xpediator share in cash. The deadline of the potential acquisition is February 14.

Xpediator shares were up 5.7% trading at 40.17 pence per share on Thursday afternoon in London.

By Harvey Dorset, Alliance News reporter

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