- Logistics solutions company Clipper Logistics upgraded its outlook for 2022 and 2023 after estimating that performance for the year ended 30 April 2021, to be in line with its expectations.

Following strong performance, the company said it expects EBIT for FY22 and FY23 to be ahead of consensus by mid-single digit percentages in both years.

For the year ended 30 April 2021, full year earnings before interest, and taxes, or EBIT, was expected to be in line with expectations of £31.6 million, an underlying increase of 53% on the £20.6 million achieved in FY20.

Revenue for FY21 was expected be to 39% ahead of the prior year at £698 million, driven by a combination of organic growth and new contract wins.

'The structural shift to online accelerated during the year due to the pandemic and we expect to see continuing momentum in e-fulfilment activities post pandemic,' the company said.

Clipper also announced the acquisition of Wippet to further support and extend its reach into the life sciences vertical.

'Wippet will launch in September 2021 as a B2B online marketplace initially targeting buyers from the fragmented elderly care market, which is a sector worth up to £2.5 billion per annum, alongside vendors who sell to more than 5,500 care homes across the UK,' the company said.

'This new investment is aligned to the company's strategic intent to extend its penetration into the life sciences sector, which we have previously highlighted as a potential significant growth opportunity for the company,' Clipper said.

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