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Logistics company Clipper Logistics raised its earnings guidance and interim dividend payment as profit grew by more than a third in the first of the year as a pandemic-led pickup in e-commerce boosted demand for logistics.
Full-year earnings were now expected to be materially ahead of the board's previous expectations, the company said.
For the six months ended 31 October 2020, pre-tax profit was up 38.2% to £14.3 million year-on-year as revenue climbed 19.8% to £305.2 million.
The company reported 'strong' revenue growth of 37.7% in e-fulfilment and returns management services.
The company 'benefited directly from the structural shift and acceleration of online retail such that our e-fulfilment and returns management division saw underlying EBIT growth of 63.3% which included a positive contribution from our Clicklink joint venture,' it added.
The interim dividend was increased by 14.3% to 4.0 pence per share.
At 8:34am: (LON:CLG) Clipper Logistics share price was 0p at 479.5p