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Clipper Logistics highlights continued strong trading as pandemic accelerates shift to e-commerce

The group said it now expects to report revenues for the six months to October 31, 2020, of at least £300mln, a near 20% increase over the prior year

Clipper Logistics PLC - Clipper Logistics highlights continued strong trading as pandemic accelerates shift to e-commerce

Clipper Logistics PLC (LON:CLG) said it has continued to see strong trading across its business in the year to date as the coronavirus pandemic accelerated a structural shift towards e-commerce.

In a trading update for the six months to October 31, 2020, the logistics, e-fulfilment and returns management specialist said it now expects to report revenue for the period of at least £300mln, a near 20% increase over the prior year, including e-fulfilment growth of over 30% and non-e-fulfilment logistics growth of around 10%.

WATCH: Clipper Logistics breaks targeted £500m turnover milestone in full year results

Clipper said its 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 on stream with firms including Joules Ltd (LON:JOUL), N Brown Group PLC (LON:BWNG), TM Lewin, Revolution Beauty and the National Health Service (NHS).

The company also said continued strong cash generation has resulted in a reduction of net debt to £27.9mln at the end of the period, down from £45.1mln at the end of the last financial year.

Looking ahead, Clipper said the “good momentum” and its existing pipeline of new business opportunities are expected to provide the group with a “continuing strong performance into the second half of the financial year”.

Quick facts: Clipper Logistics PLC

Price: 550 GBX

LSE:CLG
Market: LSE
Market Cap: £559.65 m
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