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.