SILK Logistics’ revenue increased 39% in the first half of the 2023 financial year to $253.6 million.
The company said the growth over the first half of the 2022 financial year came on the back of “new business wins”, growth in existing customer volumes and acquisitions.
Silk’s underlying first-half EBIT increased by 34.8% on the previous corresponding period to $19.7 million and underlying NPAT increased 32.4$ to $9.8 million.
The company said there was growth across all “key operational metrics”. Average leased warehouse occupancy increased to 90% from 81.6% in the first half of FY 2022.
Also, billed consignments increases 15.7%, total warehouse area increased 39.9% and container hardstand area increased 64.3%.
Silk managing director and CEO Brendan Boyd said first half results showed the company was building on its “strong foundations”.
“Significant growth was achieved across all key metrics, aided by our ability to leverage our existing infrastructure and Silk’s client-centric approach, with 78% of contracted revenue from customers with greater than four years tenure, highlighting our ability to understand and meet the needs of our customers. This half, the company increased female appointments to senior management and key roles by over 30%,” Mr Boyd said.
“Our investment in automation will deliver greater operational efficiencies over several years, while substantial technological investments are being made to deliver a higher-level of customer service. We are committed to investing in the business to deliver on our ambition of achieving $1 billion of revenue by FY27, a component of which will be supported by our acquisitive strategy, with a range of potential targets well progressed.”
