Clipper plans stock market flotation

Clipper Logistics has set out plans for a stock market flotation. The group, founded by Steve Parkin in 1992, is proposing an initial public offering of ordinary shares to institutional and professional investors.

Clipper provides value-added logistics solutions and e-fulfilment to the retail sector in the United Kingdom. It also has a business in Germany. Customers include: ASOS, The John Lewis Partnership, Asda, SuperGroup, Morrisons, New Look and Tesco.

Clipper’s sales for the year to 30th April 2013 were £160.7 million, and it produced an adjusted EBIT of £8.7 million. It estimates that adjusted EBIT for the year to 30th April 2014 will reach £9.6m, underpinned by significant progress being made in e-fulfilment logistics, which delivered adjusted EBIT growth of 43.8 per cent in the 8 month period to 31 December 2013.

The company pointed out that the proportion of online sales as a percentage of total retail sales in the UK is already one of the highest in the world, and online sales in the UK are predicted to continue to grow rapidly to a value of £125 billion by 2022.

Executive chairman Steve Parkin said: “We have built a strong position in e-fulfilment and UK retail logistics over the last 21 years. By leveraging the strength of our customer proposition and focus on customer service and innovative new products, we have been able to deliver organic growth and an IPO is the next logical step to support our ambitious growth plans. We are extremely excited about this next phase in the Company’s development.

“With our detailed understanding of the e-fulfilment and returns markets, and the evolving needs of customers in these areas, we have increased market share with customer loyalty based on delivering a high quality service.

“The IPO is the next landmark in the exciting development of Clipper, providing a platform for management to accelerate growth. I look forward to continuing my journey with Clipper, working with the board, management and shareholders.”

Source: logisticsmanager.com
Portal: logistik-express.com