LONDON (Alliance News) - Retail logistics company Clipper Logistics PLC Monday said it is continuing to trade in line with market expectations for both earnings and cashflow for its financial year ending April 30.
The company said it has been benefiting from the shift to online retailing, and said that it has a strong pipeline of new business within the logistics sector, which it expects to provide further momentum into 2016.
Clipper Logistics said it is in a strong financial position, with significant increases in earnings from both e-fulfilment and non-e-fulfilment activities in the logistics sector, strong initial earnings from Servicecare, coupled with steady earnings growth in commercial vehicles. It said the acquisition of the Servicecare business in December for GBP5.7 million has extended its service offering and has been immediately earnings-enhancing for the group.
"The group's strategic positioning in the e-fulfilment sector, including the provision of returns management services, coupled with continued growth in non e-fulfilment logistics operations, has placed the group in a strong position to achieve good year on year growth," said Executive Chairman Steve Parkin in a statement.
The company said its working capital profile continues to provide strong cash generation from trading activities.
"Our progress in the current financial year, coupled with a strong new business pipeline, provides a solid basis for growth in future years," Parkin added.
Clipper Logistics shares were untraded Monday morning. The stock was last traded at 176.00 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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