Freight management services provider Xpediator announced on Thursday that it has seen a 59% increase in revenues for 2017, up to £116m.
The company reported that its three acquisitions from 2017 contributed £10m of the revenue, which was assisted by the company's three divisions all generating organic revenue growth over the course of the financial year.
Xpediator's three divisions are Freight Forwarding, which trades under the Delamonde brand, Transport Services, traded under Affinity, and Logistics & Warehousing, which includes pallet distribution traded under Pall-Ex franchises.
The company described the year, which saw it raise an aggregate of £7.8m in new equity investment, acquire EMT Logistics, Benfleet Forwarding and Regional Express, and successfully listing on AIM as "transformational".
Stephen Blyth, chief executive of Xpediator, said: "Road transportation is growing across Europe driven by GDP increases underpinning commercial confidence together with the increasing consumer switch to ordering goods online. There is anticipated to be a shortage of capacity in the European transportation sector due to equipment and driver shortages, however we are well placed to ensure continued services with a wide supplier base in addition to our customer base in Affinity."
Affinity, which provides bundled fuel and toll cards, benefited from growth in the Central and Eastern Europe (CEE) region while the groups largest division Delamonde enjoyed strong demand from the Balkan, Lithuanian and Bulgarian markets.
"We are capitalising on the positive market environment and growing organically whilst executing our strategy of being a market consolidator through acquiring sub-scale business which are immediately earnings enhancing with the potential to flourish as part of the Group. I'm pleased with the performance of each of the three businesses acquired during the year," said Blyth.
Braintree based Xpediator was founded in 1988 to provide freight forwarding services across the UK but has since expanded across Europe, with particular focus on the CEE region.
As of 1250 GMT, Xpediator's shares
were up 12.99% at 43.50p.