Clipper Logistics has more than doubled its pre-tax profit in the first half of the financial year, as it felt the benefit of a multitude of contract wins.
The Leeds-based operator saw its pre-tax profit rise 53% in the six months ended 31 October 2015 to £5.5m (2014: £3.6m); turnover grow 27% to £141.5m (2014: £111.6m).
The company said its financial performance was particularly strong because additional revenue from the flurry of new contracts it signed over the course of the year had started to reflect in its results.
Among others, the firm signed contracts with the likes of John Lewis, Zara, Harvey Nichols and M&Co.
Clipper said it had “a strong pipeline of business opportunities” and expects to see further growth in the coming months.
It added that its purchase of electrical goods returns business Servicecare Support Services last year "has delivered steady profit growth since acquisition, as anticipated".
During financial year 2014, Clipper it saw its profit leap by 149% and a turnover increase of 16.7%. As a result it rose from 36th to 19th in the MT Top 100 2015.
Northern Commercials, the group's commercial vehicle sales unit which operates Iveco and Fiat commercial vehicle dealerships, saw its turnover jump by 20% to £43.7m (2014: £36.2 m) following what it described as "significant increases" in new vehicle sales.
Executive chairman Steve Parkin said: “Clipper continues to leverage its market-leading position in the high-growth areas of e-fulfilment logistics and returns management, and has seen strong organic growth on existing contracts complemented by the impact of new contract wins with well known and respected brands.”
