Contract wins help boost results at logistics provider
Clipper Logistics has reported strong trading, thanks to high-profile customer contract wins, organic growth in e-commerce and a robust rebound in activities in non e-fulfilment.
The Leeds-based business has published its unaudited results for the six months ended 31 October 2021, which include group revenue increasing by 33.1% to £406.1m (six months ended 31 October 2020: £305.2m).
The listed company says it has enjoyed revenue growth in both e-fulfilment and returns management services and non e-fulfilment logistics of 31.7% and 41.6% respectively.
Group Profit Before Tax is up 12.6% to £16.1m (H1 FY21: £14.3m).
Clipper says it is on track to meet its Board’s full year guidance and is well positioned to achieve further growth both in the UK and internationally, with strong tailwinds and significant further M&A activity.
The firm notes it is managing to insulate itself against the impact of changes in labour availability, through creation of local jobs, innovative recruitment and prioritisation of workforce wellbeing.
Steve Parkin, executive chairman, said: “I am pleased to announce further significant progress across the Group delivering an impressive growth in revenue of 33.1% and EBIT growth of 12.1% (18.8% IAS 17).
“This growth is due to continuing momentum within online and the reopening of bricks and mortar retail.
“In addition, I would like to welcome new major customers to whom we have commenced the provision of services in the period.
“We are also delighted to enhance our existing partnerships with long-standing customers.
“We continue to expand our presence and offering in mainland Europe. Our facility in the Netherlands is now fully operational, and our recent acquisition of CE Repair complements our Technical Services division and extends our offering and geographical reach within Mainland Europe.
“Our recent announcement on the formation of a joint venture with Farfetch focusing on the luxury online market will significantly extend our geographical reach further both in Europe and further afield.”
