Impressive results for 3PL disruptor fulfilmentcrowd despite turbulent retail market
International fulfilment services and tech provider, fulfilmentcrowd, has defied challenging economic conditions affecting the retail sector, reporting an impressive 17% increase in revenue and 83% year-on-year EBITDA growth in the first half of its 2024 financial year (six months ending 30th September 2023).
Central to fulfilmentcrowd’s performance has been its strategic focus on international markets, which saw a 55% increase in export sales and accounted for 19% of the group’s total revenue by the end of the financial year ended 31st March 2023 (2022: 13%). This focus underscores a commitment to supporting ambitious omnichannel brands in broadening their horizons and taking advantage of lucrative overseas markets.
fulfilmentcrowd’s CEO, Lee Thompson, commented: “These results confirm that we are delivering on our mission to shake up the status quo of fulfilment and logistics through a proposition that resonates strongly with the dynamism of today’s retail landscape.
“Our ability to be flexible and adapt to the ever-evolving demands of omnichannel retail is not just a trait – it’s our business model. We’ve created an agile, data-centric logistics framework that’s not only resilient in turbulent times but thrives on the very change that unsettles traditional models.
“Our year-on-year growth is proof that the market – particularly fast-growing omnichannel brands – is highly receptive to our proposition.”
fulfilmentcrowd provides bespoke solutions to customers, characterised by agility, flexible commercials and applied technologies. A core element of fulfilmentcrowd’s disruptive approach is its innovative use of existing warehousing capacity to offer fully-flexible, scalable and low carbon third party logistics services. Thompson explained: “Our model is not only about supporting our customers’ expansion goals, we also help them to do it in more sustainable ways. By adopting the principles of the sharing economy, we harness existing, underutilised warehousing infrastructure and fuse this with our software tech to create a sustainable, profitable and high-performance operating environment.”
fulfilmentcrowd’s expanding global warehousing footprint now stands at 1.57 million square feet. The latest addition of a new US centre in Edison, New Jersey, with an additional 100,000 square feet, illustrates the company’s momentum and determination to stay one step ahead of the requirements of its customer portfolio.
Through the 2023 financial year and into FY24, fulfilmentcrowd has continued to invest in key assets, including its award-winning software platform which controls operations and provides customers with an app to manage products, inventory levels, orders, deliveries and returns.
With a positive market outlook and over £3 million in contracts won in FY24 H1, fulfilmentcrowd is projecting strong continued performance over the next twelve months.
Thompson concluded: “We’re very optimistic that 2024 will be another strong year for us. Market conditions in the UK are stabilising and most sectors are forecasting a return to growth. In addition, omnichannel exporters – a key segment for fulfilmentcrowd – are growing in prevalence and we’re confident that our proposition is a highly attractive one to them.
“We have a clear value creation plan focused on growing revenues, optimising the operating model and investing in our technology. This strategy, combined with the incredible talent we have at fulfilmentcrowd, will enable us to continue generating positive results across all our operations.”
With a firm market position and attractive offering, fulfilmentcrowd has full confidence in the delivery of its 2024 financial year budgeted performance.
