Wincanton posts half year sales growth

Logistics firm Wincanton plc has reported an increase in half year sales with all elements of its business posting growth.

According to its latest trading update, ahead of its official results for the six months ended 30 September 2022, group revenue was up c.8% (c.6% excluding acquisitions). This increase was driven by continued volume and new business growth across all four business sectors.

The acquisition of Cygnia delivered growth of c.18% in the eFulfilment sector. In its other strategic growth sector, Public & Industrial delivered c.6% revenue growth, while General Merchandise and Grocery & Consumer sectors grew c.11% and c.4%, respectively.

Commenting on the update, Wincanton said: “The strength of Wincanton’s service proposition means the Group continues to win new business, from both new and existing customers. New contracts, such as with Primark, The White Company, MGA, Wickes and DEFRA, contributed significantly to the year-on-year increase in revenue.

“The Group continues to manage inflationary pressures across its markets. Approximately 70% of the Group’s contracts remain Open Book, providing a clear mechanism for cost increases to be passed to customers. This is particularly true in the Group’s foundation sectors of General Merchandise and Grocery & Consumer. The Group also continues to take a proactive approach to managing the commercial consequences of cost pressures in its Closed Book contracts.

“With sustained growth in its strategic markets, the Group expects to deliver financial performance in line with market expectations for FY23. The Board remains confident in the Group’s strategy, underpinned by a strong pipeline of new business across all sectors for FY23 and beyond.”

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