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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END
IR LMMFTMTIBBLB
(END) Dow Jones Newswires
September 13, 2021 02:00 ET (06:00 GMT)
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