Changes to Board, but not in strategy
Xpediator has announced several management changes. Stephen Blyth, current CEO and Founder, is to become Non-Executive Deputy Chairman, replaced in the interim period by Joint-CEOs. Encouragingly, XPD has managed to retain Stephen’s expertise, energy and perhaps most significantly, his vision. He will also Chair the new M&A group and be a member of the audit committee.While a formal process is underway to identify the new CEO, the Board has appointed two Interim Joint-CEOs in Robert Ross, currently the Group’s CFO, and Danor Ionescu, the current Group COO of Logistics in Romania. Both have been effectively running the operations for some time.
The recent trading update (26 May 2020) was encouraging, highlighting a relatively limited top-line impact from the COVID-19 disruption. Margins have remained broadly unchanged, reflecting the action on costs taken during Q1. Management also stated recently that the M&A pipeline remains strong, focused on both a widening of the Group’s geographical reach and air and sea transportation.
We do not expect the changes to result in any disruption and still regard XPD shares as strongly supported by the encouraging trading, the net cash (c. 20% of the market capitalisation) and the NAV of 21p/share
Eddie Stobart is a logistics and supply chain organization in the UK. From its headquarters in Warrington, operating 2,200 vehicles, 3,800 trailers and 24 distribution centres throughout the UK and Europe. Co. operates its business across the following core sectors: E-Commerce - covering online retailers and omni-channel retailers; Manufacturing, Industrial & Bulk - includes movement of raw materials and components used in manufacturing processes; Consumer includes the movement of manufactured products; and Retail covers the retail supply chain, operating from either a retailer's supplier or a retailer's own distribution centers, from where goods are transported to a retailer's outlets.
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