Leeds-based Clipper Logistics continues to trade well
LEEDS-based Clipper Logistics today said it continued to trade well, as it delivered an update on its performance for the City.
In a trading update and notice of full year results, Clipper also said that revenue for the full year to April 30 2019 is anticipated to be slightly ahead of current market expectations.
The trading update added: "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 (full year 2019) or FY20 (full year 2020) 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."