Clipper Logistics H1 revenue up 33% to £406m

Leeds-based retail logistics firm Clipper Logistics plc said on Thursday its revenue increased 33.1% to £406.1 million in the six months to October 31, 2021, with profit before tax up 12.6% to £16.1 million.

Interim dividend increased by 12.5% to 4.5p per share.

“Trading continues to be strong, and the group is on track to meet the board’s full year guidance,” said Clipper.

“We remain positive in the group’s outlook for the current year and the longer-term and believe the group is well positioned to achieve further growth both in the UK and internationally, with strong tailwinds and significant further M&A activity.”

Clipper reported the commencement of new operations in the first half with Farfetch, JD Sports, John Lewis, Mountain Warehouse and Wilko.

Clipper Logistics executive chairman Steve Parkin 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.”  

“Looking to the macro-economic factors currently in play in the UK and beyond, considering the robustness of our business model and continuing momentum within e-commerce, the board are positive about the long-term outlook …

“I am pleased to report that in trading post-period-end we have successfully delivered record volumes compared to the prior year on many of our sites.

“Our unique proposition utilising technology-led omnichannel solutions which enables retail coupled with strategically aligned acquisitions that are value accretive will deliver continuing growth for the group in the future.”