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Freight management company Xpediator said its annual profit more than halved after one-off expenses more than offset an increase in sales.
The company said it had traded as expected over the first quarter of the new financial year, but had decided to pay its dividend as shares in light of uncertainty caused by the Covid-19 crisis.
Pre-tax profit for the year through December fell to £2.2m, down from £5.6m on-year. Revenue rose 19% to £213.2m.
Xpediator said its adjusted profit of £5.2m had beaten revised expectations.
The company said overall demand for transport services had remained high in most sectors, whilst some areas had seen a slow down due to impacts of Covid-19.
'To further protect and manage the business responsibly during this extraordinary period the board has introduced temporary pay reductions across the business, reduced overheads where appropriate and is minimising capital investment projects,' it said.
'In addition, to conserve cash, the final dividend for 2019 will be structured as a scrip dividend.
'At the same time, the board is mindful of the opportunities that may arise from the current crisis and is determined the business will be well placed to capitalise.'
At 8:51am: (LON:XPD) Xpediator Plc share price was +0.25p at 28p