SILK Logistics reported a 2021-22 underlying net profit after tax of $115.8 million – an increase of 45% on the previous financial year.
The ASX-listed logistics company’s revenues increased by 22.1% over the period to $394.7 million, with an underlying EBIT of $31 million (an increase of 27.6%).
The company reported growth in operational metrics, with bi8lled containers of 301,875, average leased warehouse storage occupancy levels were 85% (up from 77.9%) and billed consignments of 75,807 (up 46.1%).
Silk managing director and CEO Brendan Boyd said the company maintained operating margins through diligent cost recovery mechanisms and collaborative customer relationships.
“This financial year has been one of outperformance, pleasingly exceeding our prospectus forecasts despite challenging operating conditions,” he said.
Mr Boyd said the company over the past financial year acquired 101Warehousing, a Victoria-based e-commerce contract logistics provider.
“As we move into FY23, we recently announced entering into a binding agreement to acquire Fremantle Freight Services,” he said.
“This acquisition expands our national capabilities and enables us to better service our blue-chip customer base.”
