In line with Clipper's dividend policy and reflecting the Group's earnings growth, the Board announces an interim dividend of 4.0 pence per share, which will be paid on 4 January 2021 to shareholders on the register at 11 December 2020. This represents an increase of 14.3% (0.5 pence per share) compared to the interim dividend of 3.5 pence paid in January 2020.
Other financial highlights include:
Group revenue up 19.8% to £305.2 million (six months ended 31 October 2019 ("H1 FY20"): £254.8 million) with strong revenue growth of 37.7% in e-fulfilment and returns management services.
Reported Group EBIT increased 21.7% to £20.2 million (H1 FY20: £16.6 million), due to strong growth in e-fulfilment and returns management services and an improvement in contribution from Clicklink.
In H1 of FY20, reported EBIT included the benefit of a negative goodwill credit of £3.5 million ("Non-underlying factor"). Excluding the impact of this Non-underlying factor from the prior year, underlying EBIT increased 54.3%:
o E-fulfilment and returns management services EBIT up 36.8% to £14.8 million (H1 FY20: £10.8 million), including £0.4 million positive contribution from Clicklink (H1 FY20: £(0.4) million), and up 63.3% adjusting for the prior year Non-underlying factor;
o Non e-fulfilment logistics EBIT up 4.1% to £10.1 million (H1 FY20: £9.7 million), and up 26.9% adjusting for the prior year Non-underlying factor;
o Commercial vehicles EBIT up 51.0% to £1.6 million (H1 FY20: £1.1 million).
On an IAS 17 basis, in order to provide comparability with historical results, EBIT was ahead 27.0%, with underlying EBIT ahead by 78.4%, and profit before tax was ahead by 118.9% compared to the same period last year.
Group Profit Before Tax and Amortisation up 34.7% to £15.0 million (H1 FY20: £11.1 million).
Group Profit Before Tax (PBT) up 38.2% to £14.3 million (H1 FY20: £10.4 million).
Cash generated from operations of £49.1 million (H1 FY20: £19.1 million), reflecting increased customer activity within UK Logistics and improved working capital position.
Significant reduction in net debt since FY20 to £27.7 million (H1 FY20: £64.4 million). Of net debt, £32.4 million is directly recoverable through open book mechanisms.
Basic earnings per share up 40% to 11.2 pence (H1 FY20: 8.0 pence).