Xpediator, the acquisitive forwarding group, saw operating profit rise 133 per cent to £2.3 million in the first half, on revenue that was up 61 per cent to £78.9 million.
The company said acquisitions accounted for some £15.2 million of the increase in group turnover, while £14.6 million was down to organic growth.
During the period the group acquired Anglia Forwarding Group and Import Services.
Chairman Alex Borrelli said: “We continue to seek acquisitions in line with our strategy to add to our existing activities and facilitate our expansion internationally.
“The Group has now completed four acquisitions over the last 18 months and collectively they are expected to be significant drivers of sales and profit growth in the current year and beyond. Although the increasing customs security checks have affected the development of the Far East business within Benfleet, I am pleased with the positive steps taken to address this, which ultimately resulted in a one-off net credit to the Group’s income statement of approximately £0.7m.
Chief executive Stephen Blyth said: “As is usual across our industry, activity levels are second half weighted. In general, there is increasing demand for our range of freight management services, driven by economic growth especially across the CEE region and wider global trends such as e-commerce activity driving up the frequency of goods to be delivered across all our markets. These factors, combined with the increased size and additional capabilities of the Xpediator Group means the business is well positioned to continue growing and to generate increased revenues and higher profits and dividends.
“With trading in the second half having begun well, the Board is confident that the Group will deliver financial results for the full year in line with market expectations.”
