Robert.Jervis_43227 Nov 13

Healthy performance at Wincanton

Healthy performance at Wincanton image
Increased revenue, driven by contract wins
In the six months ended 30 September 2019 revenue at Wincanton increased by 1.9 per cent to £592.9m from the first half of the previous financial year and was up 5.9 per cent against the second half of 2018/19.

The business, which is in the process of conducting due diligence on a possible offer for Eddie Stobart Logistics, hailed strong growth in retail and consumer divisions due to new contracts with The Co-op, Morrisons and Weetabix. This was partly offset by lower industrial and transport revenue following exits from underperforming contracts in 2018/19.

Underlying profit before tax increased by 9.1 per cent to £26.3m. Statutory pre-tax profit dipped from £30.1m to £28.5m.

"Since joining the company in September, I have visited many of our customers and the sites we operate for them," said Wincanton chief executive James Wroath.

"Our focus on operational excellence, high quality people, continued innovation and meeting our customers' needs is embedded across the business and drives our healthy performance, as shown in the results announced today.

"Signing significant new business wins and renewing key contracts in the first half is evidence that our customers continue to find our service and propositions compelling.

"I have started to review the opportunities facing the Group as part of our wider strategy and look forward to updating the market in due course as we continue to take the business forward."