Clipper Logistics grows FY revenue and EBITDA

Retail logistics company Clipper Logistics said on Wednesday that both revenue and underlying earnings had grown in the year ended 30 April.

Clipper said full-year revenues had climbed 39% to £696.2m, while underlying earnings shot up 52% during the same period to £31.4m.

Basic earnings per share were 21.3p, up from 15.9p a year earlier, while profit after tax was 33.8% higher at £21.7m.

Cash generated from operations surged 44% to £86.9m, leading the board of the London-listed firm to declare a final dividend of 7.1p per share, pushing its total dividend 14.4% higher to 11.1p in the process.

Clipper also highlighted that it had made a strong start to the new trading year and was now performing in line with recently upgraded guidance as a result of continuing to benefit from the structural shift to e-commerce during the Covid-19 pandemic.

Executive chairman Steve Parkin said: "The market has witnessed significant recent change particularly with the acceleration of the growth in e-fulfilment which now represents 70% of our logistics revenue.

"Our highly deployable asset-light model has enabled us to reinforce our pan-European proposition during the financial year, which together with a strong pipeline of new business activity ensures that the group is in an excellent position to achieve further growth both domestically and internationally."

As of 0835 BST, Clipper shares were up 1.24% at 822.03p.