Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
XPD increased profit by 40% last year and strong trading has continued through to the end of May. In 2020a growth was largely driven by the Freight Forwarding division. Now management reports that all three divisions – Freight Forwarding, Warehousing & Logistics and Transport Solutions - are growing. As with many logistics businesses, trading at XPD is seasonal with most profit made in H2, hence we have not lifted our estimates at this stage, but with this AGM statement today, risks are clearly ...
XPD is a profitable and well-established pan-European freight management and logistics operator. We selected the Group as one of our Top Picks for 20211. XPD has reported 2020a adjusted PBT up nearly 40% y-o-y. Margins expanded to 3.3% from 2.4%, driven by better trading, particularly in freight forwarding in Q4, and with cost savings from restructuring. XPD has rebuilt its senior management team, completed recently by Michael Williamson joining as CFO. The fundamentals are sound with £6.8m of n...
Significantly improved guidance in today’s FY20 trading update has resulted in adj PBT expectations rising for a second time within three months. The FY20F trading update delivered a positive profits surprise, with guidance for adj. PBT lifted by 20% from £6.0m to £7.2m, reflecting a much stronger than anticipated Christmas trading period in November and December. Trading continued to be strong across several businesses: CEE, (especially Lithuania), ISL (toys) and Freight Forwarding well into...
XPD is a well-established pan-European freight management and logistics operator. We have selected the Group as one of our Top Picks for 20211. XPD has stated in a pre-close update today that profits for the year to 31 December will be “significantly ahead” of market expectations. Due to better demand for services in the UK and Europe during the peak months of November and December, XPD expects to report adjusted PBT of c.£7.2m. This is a 40% increase on 2019 (£5.15m) and set against prior guida...
XPD is a well-established pan-European freight management and logistics operator. We have selected the Group as one of our Top Picks for 20211. The Group is based in the UK and focused primarily on providing integrated supply chain solutions for customers operating in the UK and Central & Eastern Europe (“CEE”). Trading has been resilient through the Covid crisis, and the benefits of acquisition integration and recent cost reductions are now coming through. Management has guided to an 18% y-o-y ...
Xpediator has delivered a healthy trading update, breaking several revenue records during H2 2020. Furthermore, the outlook for FY21 remains promising, reflecting recovery to more normal levels in Transport Services, a full-year impact of the Nidd acquisition, the turnaround of underperforming businesses, and new ventures. Today’s report highlights the progress management has made since the nadir in operating margins in H2 2019. Group revenues of c.£221.0m for FY20 suggests record revenues are ...
Xpediator has acquired Nidd Transport Ltd (“Nidd”), a freight forwarder and operator based in Ripon. With a strong network across the North of the UK plus France, Spain, Germany and Italy, Nidd fills many of the gaps in Xpediator’s European network. We expect substantial cross-selling benefits between the two customer bases. The trailing multiple paid appears very reasonable, considering the net cash and strong asset base of the acquired vehicle. In the year to April 2020, Nidd generated reven...
The results from Xpediator for the six months to June were extraordinarily good. Revenues declined just 2.7%, with gross and operating margins modestly ahead - and this from a company with considerable exposure to the consumer. In addition, the dividend was increased by 61% y-o-y which highlights confidence in the outlook. The Freight Forwarding business was the star performer, with the Baltic region and Bulgaria delivering extremely healthy top-line growth. Rationalisation of the cost base co...
The latest update from XPD reads well. Trading volumes have almost returned to pre-COVID-19 levels, aided by the breadth of coverage across Europe. Meanwhile, the cost base is permanently lower, following swift action at the start of the crisis. Cash levels are higher than at the same stage a year ago standing at £4.2m end of June, only behind year-end levels owing to the payment of deferred consideration. Such is the confidence within the business that management ended the voluntary pay reduct...
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, c...
While there has been a degree of disruption due to COVID-19, this has been less than management expected and mostly offset at the margin level by the action taken on the cost base during Q1. Furthermore, the M&A pipeline is healthy and likely to grow further in the current climate.; and we are encouraged by the H2 bias to trading, the action taken on costs and only a modest reduction in margins. In summary, the UK (2019: 42.1% of revenues), Italy and Spain were the worst affected regions in ...
Preliminary results to December 2019 were ahead of revised expectations across several metrics, not least revenue, profits, net cash and the dividend. 2020 started strongly, albeit trade was then affected by the COVID-19 related measures during March, meaning that Q1 trading was in-line with expectations. Steps have been taken to conserve cash and to reduce costs, with the final dividend payable in shares during Q3. The Group’s strategy continues to be ambitious, targeting organic growth suppl...
Xpediator has issued a COVID-19 related trading update. The key messages are reassuring: the business has a strong balance sheet and is asset light, trading is in line with internal budgets and the group has begun to see activity returning from its Chinese customers following an understandably difficult January and February. We are encouraged by the comprehensive review of costs, the resilient trading to date, a healthy cash buffer, and the underlying confidence shown in still proposing a final...
Xpediator has announced the signature of a 20-year lease with AB Ports from Q1 2021 to expand its presence significantly in the Port of Southampton. The new facility will allow the business to improve profit margins on customer stock held at peak times within third-party warehousing and provide the capacity to widen its customer base further. Once the facility is both operating efficiently and at high capacity levels, the expected uplift to profitability will be marked from 2022 onwards. It wi...
2019 proved successful on several measures, not least organic revenue growth, cash generation, the performance of the Baltic operations and the turnaround of Benfleet. That said, management is likely to be glad that a challenging year is over. It has taken swift action where required, reducing the cost base and upgrading the Board. The Group is trading in-line with revised expectations, with year-end net cash levels some way ahead of our estimates and underpinning dividend expectations. Yester...
A director at Xpediator bought 80,000 shares at 37p and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...
Xpediator has issued several announcements relating to Board changes during November: two Non-Executive Directors and a CFO have been appointed, plus the interim CFO will stay with the group. We view the appointments favourably, adding significant UK and international industry experience to the Board. It is also worth noting the subsequent purchase of shares by both new NEDs, suggesting confidence in XPD’s outlook. Following the departure of Stuart Howard, the previous permanent CFO, in earl...
To us, there are three standout features within Xpediator’s interim results: significant investment for growth, revenues broadly in-line with previous expectations and short-term difficulties across a few of the business areas. Sales of £102.4m are in-line with prior expectations, given the H2 trading bias. However, whether facilities are filling capacity slower than initially expected, or due to temporary disruptions, margins were squeezed in some instances. The investment in management and...
Previously we highlighted the scale of the investment programme being undertaken in the business during 2019. This investment in headcount and IT infrastructure has been accelerated in order to reflect opportunistic events, notably a large customer providing notice on an existing contract and preparations for a ‘no deal Brexit’. Unfortunately trading in several businesses has failed to match previous expectations, which would have otherwise covered the rising costs. The E-commerce division...
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