SILK Logistics has reported a 24% increase in revenue for the 2023 financial year, to $488.6 million.

The ASX-listed logistics company said its full-year revenue growth was underpinned by $65.8 million in annualised “new business wins”.

Its underlying EBIT increased 14.5% compared with the 2022 financial year to $35.5 million.

The company said it its “significant” revenue growth and underlying EBIT was in line with earnings guidance; it said it was able to largely preserve underlying margins despite continued economic challenges.

“We continue to build on our strong foundations with further growth in revenue and profitability in FY23,” Silk managing director and CEO Brendan Boyd said.

“Our ability to deliver on revenue and underlying EBIT earnings guidance highlights the strength of our business to perform throughout challenging economic conditions and is testament to our variable cost business model and strong customer service ethos.

“Over the year, we successfully integrated 101Warehousing and Fremantle Freight & Storage, both of which performed well to deliver approximately 45% revenue growth.

“FY24 commenced positively with the acquisition of Secon, which will deliver further capabilities for Silk in port logistics and bulk logistics.

“Industry and softened discretionary spend created substantial headwinds in the second half of the year, however we were able to achieve a 10% year-on-year increase in trading customers and earnings growth across both port and contract logistics.”

Silk expects to continue to grow revenue and earnings in the 2024 financial year, subject to no further adverse changes in economic conditions and the assumptions underpinning its budget for the period.

It anticipates challenging conditions in the 2024 financial year but plans to focus on preserving profitability through increased operational efficiencies.