Xpediator disposes of EshopWedrop subsidiary
Xpediator
43.75p
16:55 06/07/23
Freight management services provider Xpediator has agreed to sell off its EshopWedrop subsidiary to Inert Logistics.
FTSE AIM All-Share
755.28
17:14 26/04/24
Industrial Transportation
4,387.46
16:59 26/04/24
Xpediator said on completion of the sale, it will benefit from annualised cost savings of £350,000.
ESWD recorded a net loss of approximately £500,000 for the 12 months ended 31 December 2019, with the total consideration payable being £300,000 in cash to be paid in equal annual instalments over the next three years.
With a book value of £700,000 worth of assets, the sale will result in a net loss of £400,000.
Chief executive Robert Ross said: "ESWD is a good concept but is not part of our core proposition, it was consistently loss-making and a distraction from our primary operations where we see much greater potential to grow future revenues and profits."
As of 0950 GMT, Xpediator shares were down 4.55% at 31.50p.