Clipper Logistics profits slide on lower property-related income, higher costs
Source - SMW
Logistics company Clipper Logistics Solutions reported a fall in profit as rising costs and lower property-related income kept a lid on growth.
For the year ended 30 April 2019, group earnings (EBIT) fell to £20.2m from £20.9m, while revenue increased by 15.0% to £460.2m.
Profit was hurt by lower property-related income, which fell by £3.3m to £3.1m in the year to 30 April 2019, from the prior year.
Looking ahead to the year ending April 2020, the company said it expected EBIT to benefit from contracts that were entered into in the latter part of the year ended 30 April 2019 but which would to be accounted for in the year to 30 April 2020 and improved profitability from Clicklink.
At 9:49am: (LON:CLG) Clipper Logistics share price was +4.5p at 217.5p