Clipper Logistics reports strong growth in revenue and profit

Clipper Logistics plc, the Leeds-based provider of value-added logistics solutions and e-fulfilment to the retail sector, has put in a strong performance for the six months ending 31st October 2015.

The company has reported a 26.9% increase in revenue to £141.5m (2014: £111.6m), which included a £7.8m contribution from the newly-acquired Servicecare. Excluding Servicecare, revenue growth was 19.9%.

The revenue driven by the value-added logistics services increased by 29.7% to £98.5m (2014: £76.m), with growth in both e-fulfilment and returns management services (57.8% higher, or 29.1% higher excluding Servicecare) and non e-fulfilment services (14.2% higher).

Revenue from sales and repairs of commercial vehicles increased by 20.8% to £43.7m (2014: £36.2m). The increase was mainly due to new vehicle sales.

Clipper also saw pre-tax profit rise by 52.9% to £5.5m, compared to: £3.6m at the same period in 2014.

One of Clipper’s highlights during the past six months, is its new venture with John Lewis to develop fulfilment solutions for Click & Collect orders.

Clipper, which entered a ten-year partnership with John Lewis back in March, now helps the up-market retail chain safeguard customers’ online orders, which are then collected from store or other collection points.

This Click & Collect method was introduced after Clipper noticed that the shopping habits of British consumers is undergoing rapid change, and as the use of the Click & Collect service increases, there is an increasing need for retailers to deliver innovative solutions that protect customer service whilst supporting forecast growth.

Steve Parkin, Executive Chairman of Clipper, said:

"I am pleased to report that the Group has delivered results in line with our expectations, with strong revenue and profit growth, and further improved operating cash flow. Clipper continues to leverage its market-leading position in the high-growth areas of e-fulfilment logistics and returns management, and has seen strong organic growth on existing contracts complemented by the impact of new contract wins with well known and respected brands.

“The Servicecare acquisition, which was completed on 3 December 2014, has been immediately earnings-enhancing, and will deliver results in line with our expectations.

“We continue to have a strong pipeline of new business opportunities, and have continued positive momentum on both existing and new contracts as we enter the second half of the year.

“We are pleased to announce an interim dividend of 2.0 pence per share, which will be paid to shareholders on 31 December 2015.

We remain confident for the future and look forward to updating our shareholders and the markets throughout the year."

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