Wincanton ‘rises to challenge’ as it posts £578m in revenue
The largest British third-party logistics company reported good first half results but, profitability was hit by COVID-19 disruption.
Over this period, Wincanton posted revenue of £578.7 million (€644 million), down 2.4% on the previous year following the impact of COVID-19 lockdown measures that restricted the movement of goods.
Statutory pre-tax profits was £19.1 million (€21 million), down from 26.2 million the previous year.
Wincanton said there was good momentum into the second-half with full-year results expected to be materially ahead of current market expectations, assuming no further severe impacts from COVID-19.
James Wroath, the firm’s CEO, said: “Wincanton has demonstrated agility, innovation and commitment to meet the critical supply chain needs of customers and consumers throughout the country. I am proud of how our team has responded to the challenge that COVID-19 has brought to our markets.
“The current environment strengthens our conviction that we are following the right strategy. The steps we have taken to refocus the Group on growth markets, including disposing of our Pullman fleet services and our containers business, will underpin our ongoing performance.
“I am greatly encouraged by the new contracts we have secured so far this year to become a key partner for some of Britain’s biggest brands and public bodies, and we continue to see a healthy pipeline of new opportunities coming to market.
“Performance has been resilient in the first half, we expect the good momentum with which we end the period to continue and consequently expect results for current year to be materially ahead of market expectations.”