Xpediator has reported “historic levels” of trading recovery, despite the Covid-19 pandemic, according to the freight company’s latest trading update.
The group said it expects to report a pre-tax profit of around £6m for the year ending 31 December 2020, an 18% increase over the prior year.
The logistics company reports growth has been driven by a rise in demand for freight forwarding services, where it has seen additional income from new markets.
As a result of this development, 2020 revenues for this division were expected to exceed 2019 by approximately £10m.
Robert Ross, the group’s CEO, said: “For Xpediator, 2020 has demonstrated the strength of being a diversified business.
“While the COVID-19 pandemic has resulted in less traffic and therefore reduced use of our fuel cards, demand has increased for our freight forwarding and warehouse and logistics services, and we have also delivered on cost saving initiatives.”
He added: “The net result is expected to deliver an 18% increase in annual adjusted profit before tax and annual cost savings of £0.5 million.
“This, combined with our fuel card business returning to normal, means we are moving forward into 2021 with confidence.”