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Clipper Logistics lifts guidance, acquires life sciences firm Wippet

Mon, 7th Jun 2021 11:17

(Alliance News) - Clipper Logistics PLC said Wednesday that it has upgraded its expectations for both financial year 2022 and 2023 after a strong annual performance and "continuing momentum".

Clipper also announced the acquisition of life sciences platform Wippet Ltd for an undisclosed fee. Wippet will launch an online business-to-business marketplace for the UK health care sector in September.

There are potential opportunities for Wippet to expand internationally and into other sectors in the future, Clipper added.

Leeds-based logistics firm Clipper expects to report revenue for the financial year that ended April 30 to be GBP698 million, up 39% from GBP500.7 million in financial 2020. Operating profit is expected to be in line with the market consensus of GBP31.6 million, 53% higher than the GBP20.6 million achieved the year before.

Given Clipper's "strong trading momentum", it raised guidance for its 2022 and 2023 financial years to be ahead of company-compiled consensus by mid-single digit percentages in both years.

Operating profit on an IAS17 basis for financial 2022 was previously forecast to be GBP35.4 million on revenue of GBP718.7 million. Before the guidance change, operating profit on an IAS17 basis for 2023 was forecast at GBP39.3 million on revenue of GBP809.5 million.

Executive Chair Steve Parkin commented: "Financial year 2021 has been an unprecedented year which demonstrates again the strength and resilience of our model and the ability of Clipper to deliver a strong performance in the rapidly changing e-commerce and retail environment.

"The uniqueness of our full end-to-end solutions combined with our agile and able culture has accelerated our contract wins in the UK and mainland Europe which is testament to our expertise and execution of our strategy."

Looking ahead, Clipper said it is expecting that the "current momentum from new and existing contract wins will continue given the acceleration in the structural shift to online" and that future e-commerce growth is likely.

"We are very well positioned to further accelerate growth by capitalising on the structural shift to online and to position Clipper as a global e-commerce and retail logistics enabler. As such, we are pleased to upgrade our guidance for both financial year 2022 and 2023."

In another announcement Clipper said it had secured a three-year contract extension with online fashion retailer ASOS PLC to continue providing returns management services for ASOS's mainland European operations at its facility in Poznan, Poland

Shares in Clipper Logistics were 1.5% higher in London on Monday morning at 790.00 pence each.

By Will Paige; willpaige@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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