Trading Update and Notice of Full Year Results

Clipper Logistics plc

Trading Update and Notice of Full Year Results

Clipper Logistics plc ("Clipper", "the Group", or "the Company"), a leading provider of value-added logistics solutions and e-fulfilment to the retail sector, will announce its full year results for the year ended 30 April 2019 on Friday 30 August 2019.

The Group continues to trade well, and revenue for the full year to 30 April 2019 is anticipated to be slightly ahead of current market expectations.

As part of the Group's full year audit process, it has been determined with the Group's auditors, KPMG, that the profit generated from certain new contracts won towards the end of the financial year fall to be accounted for as a business combination under IFRS3. Whilst the determination of whether the transaction should be accounted for in FY19 or FY20 is a very fine one, on balance it has been determined that the profit should be recognised in FY20. As a result of this timing impact, the Company expects to report EBIT for FY19 of £20.2m, moderately below current market expectations, with a corresponding uplift to EBIT for FY20.

Further details on FY19 performance and guidance for FY20 will be contained in the full year results.

This announcement contains inside information.

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