Xpediator has said that its transportation volumes are moving back towards pre-Covid-19 levels, with trading in the first three months was slightly up on a like for like basis with a steady recovery since April.
It a statement to investors it said that trading for the first six months of the year had been assisted by the “diversity of its European footprint” and it had seen good performance in some of central and eastern European countries that had not been as badly affected by the crisis.
Activity in its logistics division had remained broadly stable and transportation services, after a period of reduced sales, were gathering momentum.
As a result, Xpediator said that trading was only “marginally behind” its original expectations for the six-month period to 30 June 2020.
When it came to Covid-19 impact actions, Xpediator said that significant cost reductions were made at the outset of the pandemic, and because of its asset light and relatively low fixed overheads model, the impact of Covid-19 on the its cash position and margins has been mitigated.
It said that some of the cost reductions it had implemented had been temporary, such as voluntary pay reductions and furloughed staff, but a large proportion of cost reductions were permanent. Xpediator said that this action should ensure it remained well positioned to deliver on its longer-term growth ambitions.
Xpediator said it continued to see trading volumes moving towards more normal levels but it was still too early to predict with any certainty how quickly its markets would recover. It expected to report its results for the six-month period to 30 June 2020 in September.
