Revenue · GP · working capital. The shape of the year so far.

live · ledger synced 02:00 GMT

Revenue YTD

£3.4m

+16.2% YoY

Revenue · this month

£720k

vs £700k prior month

GP composite

19.2%

+0.5 pts YoY

Working capital cycle

32d

-4 days vs prior Q

Top-3 concentration

34%

Healthy spread · target <40%

At-risk revenue

£1.3m

Tideline SS27 capacity

Revenue · last 12 months

£3.4m YTD · +16.2% YoY

Jun

Jul

Aug

Sept

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Peak season Nov/Dec carried the year. Spring cycle running 16% ahead of last year — three new brands onboarded ahead of November, with the next two queued for September.

Top customers · YTD

8 of 24 accounts

Aurora Wellness
Anchor
14%
£588k
GP 21.4%
Marker Beverages
Anchor
11%
£462k
GP 19.8%
Trove Botanicals
Healthy
9%
£378k
GP 20.1%
Tideline Apparel
Healthy
8%
£336k
GP 18.6%
Hatch & Loft
Healthy
7%
£294k
GP 17.4%
Drift Coffee
Watch
5%
£210k
GP 16.2%
Atlas Pet Foods
Healthy
4%
£168k
GP 15.8%
Shore Books
Healthy
4%
£168k
GP 19.1%

Segment mix · YTD

Beauty + supplements
28%
GP 20.8%
Drinks
18%
GP 18.4%
Homewares
16%
GP 17.6%
Apparel
14%
GP 18.2%
Pet + food
12%
GP 16.4%
Publishing + other
12%
GP 19.2%

Life sciences carrying the GP mix at 17.8% — protect that lane through the renewal cycle.

Commentary · this period

Revenue +16.2% YoY YTD. Peak season uplift held at +24% vs 2024 peak — onboarded three new brands ahead of November.
GP composite +0.5 pts YoY. Beauty + supplements lane carrying the GP mix at 20.8%; protecting that sector through onboarding decisions.
Working capital cycle down 4 days vs last quarter — DSO improvement on the move from monthly to weekly billing for subscription clients.
Top-3 customer concentration at 34%. Healthy spread vs sector — sub-40% is the operator target for an SME-3PL of this scale.

Risk surface · top 3

Drift Coffee · GP slipping
GP% down 1.4 pts YoY on subscription-bundle picking. Mix-shift to the new pack spec should recover 0.6 pts by Q3.
Aurora Wellness · capsule reconfig risk
New SKU bundle picking sequence has flagged five QA exceptions in week one. Two QA shifts added Monday; expect to be clean by Friday.
Tideline Apparel · SS27 capacity
SS27 launch volumes 2.4x last year. Pick floor capacity already at 78% — wave rebalance booked, two pickers start Monday.