(Alliance News) - Clipper Logistics PLC said Wednesday that the continued rise of online shopping due to the pandemic had helped bolster both profit and revenue growth for the year.
Revenue increased by 39% to GBP696.2 million for the year ended April 30, from GBP500.7 million a year previously. Pretax profit at the Leeds-based logistics firm rose 33% to GBP26.7 million from GBP20.1 million a year prior.
The significant growth in the period was attributed to "high e-fulfilment volumes as a result of the permanent structural shift to online", with volume growth and extension of services on existing contracts, notably with ASOS PLC, Farfetch, John Lewis, Westwing and Wilko.
Away from e-fulfilment, Clipper highlighted that it generated further organic volume growth with existing customers, including with Asda and Wm Morrison Supermarkets PLC.
Basic earnings per share were 21.3 pence, an increase of 34% on an underlying basis. Net debt at year end was GBP16.9 million, substantially cut from GBP45.1 million a year earlier.
Looking at the 2022 financial year, Clipper noted current trading is in line with recently upgraded annual guidance.
"The structural shift to online during the pandemic with continuing momentum in e-fulfilment post pandemic together with strategically aligned acquisitions will help drive further shareholder value in future years," the company said.
The group's pipeline of new opportunities remains buoyant and further momentum with new contract wins is expected during the year, Clipper stated.
"The group is in an excellent position to achieve further growth both domestically and internationally. The prospects for the group remain strong and we are confident that we will deliver further shareholder value accretion in the coming years," commented Executive Chair Steve Parkin.
Clipper declared a final dividend for the year of 7.1 pence, down compared to 9.7p in 2020.
Shares were 1.0% higher in London on Wednesday morning at 820.00 pence each.
By Will Paige; willpaige@alliancenews.com
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