Trading Update and Notice of Interim Results
Updated : 07:05
12.11.2020
Clipper Logistics plc
Trading Update and Notice of Interim Results
Clipper Logistics plc ("Clipper", the "Group", or the "Company"), a leading provider of value-added logistics solutions, e-fulfilment and returns management services is pleased to announce a trading update for the six months ended 31 October 2020.
Clipper has continued to see strong trading across the business in the year to date, benefitting particularly from the continued structural shift to e-commerce that has been accelerated during the ongoing Covid-19 pandemic. The Group expects to report revenue for the period of at least £300m, an increase of almost 20% against the prior year comparative period, including e-fulfilment logistics growth of over 30% and non-e-fulfilment logistics growth of approximately 10%.
This continuing growth trajectory has been particularly driven by strong organic growth on the majority of e-fulfilment and returns management activities, as well as new contracts brought onstream in the period including Joules, N Brown, T M Lewin, Revolution Beauty and the NHS.
Continued strong cash generation from operations has resulted in net debt of £27.9m at the period end, comfortably below 1x EBITDA (pre-IFRS 16), and compares to £64.4m at the same point last year and £45.1m at the end of the last financial year.
This good momentum and the existing pipeline of new business opportunities is expected to give the Group continuing strong performance into the second half of the financial year.
Clipper expects to announce its interim results in early December 2020.
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ENQUIRIES
Clipper: | +44 (0)113 204 2050 |
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Steve Parkin, Executive Chairman |
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Tony Mannix, Chief Executive Officer |
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David Hodkin, Chief Financial Officer |
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Public Relations Advisers: |
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Buchanan: | +44 (0) 207 466 5000 |
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David Rydell | |||
Stephanie Watson Hannah Ratcliff | |||
Notes to editors
Founded by Steve Parkin in 1992, Clipper is amongst the leading providers of value-added logistics solutions, e-fulfilment and returns management services to the retail sector in the United Kingdom, with an expanding business in Germany and employs over 8,000 people. The Group provides consultancy-led services within the online fashion and general merchandise sectors to its blue-chip client base including Harvey Nichols, ASOS, The John Lewis Partnership, Asda, Supergroup, Morrisons and PrettyLittleThing
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