Wincanton plc, a leading supply chain partner for UK business, has announced strong growth with profits ahead of pre-pandemic levels.
According to its preliminary results for the year ended 31 March 2022, Wincanton said full year revenue increased 16.3% to £1,421.4m, with underlying profit before tax up 23.1% to £58.1m compared to £47.2m, an increase of 10% on pre-pandemic levels (2020: £52.8m).
Within its e-fulfilment sector, Wincanton revealed it was its fastest growing sector for the second successive year, reflecting the strong demand for its services from retail markets, including from the furniture industry.
“Organic growth was 38.9% reflecting both new business wins as well as the full year impact of contract wins in the previous year,” it said.
Focusing on its furniture related partnerships, Wincanton confirmed that in its two-person home delivery, volumes continued to accelerate and will be further boosted by a three year contract extension with sofa retailer Loaf, which commences in June 2022.
Furthermore, the recent deal with The White Company has been a major milestone for the business, adding: “They are a premium omnichannel retailer who have recognised the huge benefit our approach will afford them, and they will be a cornerstone customer in Rockingham.”
Commenting on the sector, Wincanton said: “Further new business with DFS in our two-person home delivery network, an extension of this service for Wickes and the award of IKEA’s new Dartford distribution centre further demonstrate Wincanton’s strength and reputation in this growth sector.”
James Wroath, Chief Executive Officer, said: “Wincanton has delivered another strong set of results, with growth across all four sectors leading to a substantial increase in revenue and profit ahead of pre-pandemic levels.
“We continue to develop automation solutions and robotic technologies to create supply chains that are efficient, agile and resilient. This approach, coupled with Wincanton’s longstanding reputation for high quality service delivery enabled us to secure a number of high-profile new contracts and extensions.
“I want to thank all our people who have driven this performance through their relentless attention on delivering for our customers in what were often challenging operating conditions. While mindful about the macro-economic headwinds facing our sector, we are confident in the growth opportunities we have ahead of us and in our continued ability to deliver our strategy successfully.”