LANDSIDE logistics provider Silk Logistics reported robust increases in financial metrics for the 2022-23 financial year.
The company reported revenues of $488.6 million, an increase of 23.8% on the previous financial year.
And Silk’s underlying EBIT was $35.5 million for the 2022-23 year. This was an increase of 14.5% on the previous financial year.
The company’s underlying net profit after tax grew 0.6% this year to $15.9 million, while its statutory NPAT increased 22.4% to $16.4 million.
In his address to the Silk annual general meeting, the company chair Terry Sinclair said the results were achieved in a “challenging and uncertain market environment”.
“Global trade patterns shifted due to geopolitical factors, altering demand and supply dynamics,” he said.
“Challenges like supply chain disruption, port congestion and labour shortages tested operational efficiency and cost management, and this was compounded by persistent inflationary pressure on costs.”
Silk CEO Brendan Boyd in his address to the general meeting said the second half of the 2022-23 financial year was slower than the first.
“FY23 was a tale of two halves,” he said.
“In 1hFY23, the group reported strong revenue and profit growth over the previous corresponding period, and whilst full year FY23 revenue and profit increased on pcp, this growth was slower in 2HFY23. The second half was underpinned by economic uncertainty, including rising interest rates and inflation, softer consumer discretionary spending, and an inventory correction as stock levels readjusted.”