Logistics firm Wincanton plc has reported a growth in first quarter sales as it continues to make ‘good operational and strategic progress’.
Wincanton, which provides services for furniture retailers including Loaf, Dwell, DFS and IKEA, said it is trading in line with current market expectations despite the wider economic headwinds, with group revenue for the first quarter of this financial year up by c.11% compared to the same quarter last year, or c.9% excluding the impact of acquisitions.
Commenting on the its latest trading update, Dr Martin Read CBE, Chair, said: “Pleasingly, growth has continued across all four sectors with each also building an attractive pipeline of opportunities.
“The eFulfilment sector increased revenue by 17% in the first quarter including the Cygnia acquisition with operations for The White Company commencing this month on 10th July. Excluding the impact of Cygnia, eFulfilment still grew by 1% despite the slowdown in online fulfilment. Public and Industrial revenues grew 11% reflecting the full year impact of our Public sector work with HMRC and further warehousing activity with Infrastructure customers. Grocery and Consumer and General Merchandise grew revenue by 8% and 13% respectively.
“Backed by a strong balance sheet, the Group continues to focus investment into robotics and automation. Implementation of its c.£3m investment into robotic automation within the Cygnia business is progressing to plan with three customers going live during Q3 of this year.
“While it is mindful of the macroeconomic environment, the Board remains confident that the combination of a robust business model, new contract wins, disciplined pricing and a strong balance sheet, means the Group is on track to deliver full year results in line with current market expectations.”