Wincanton focused on sustainable growth

Wincanton has announced revenue of £625.4m and an operating profit of £22.3m from its continuing operations in its half year results. Although these results represented a decline from the previous year of 8.1% and 11.2% respectively, the company was satisfied with its performance in a challenging market and that its strategic divestments would result in sustainable profit growth in the medium term.

Overall, Wincanton was satisfied with the performance of its continuing operations in the UK & Ireland. The company announced important contracts wins with Lafarge for bulk and bagged cement, seasonal warehousing for retailer Tesco and it was appointed Sainsbury’s sole provider of port to distribution centre container services. There were additional contract wins with Asda, Swiss Post Solutions and Tigress Productions.

During the half year period the company has successfully sold its operations in the Netherlands, Central and Eastern Europe and its German Road operations. In addition, the company announced the proposed sale of its Mainland Europe operations to Rhenus AG & Co. K.G. This transaction is expected to be completed later this year. The series of divestments are part of Wincanton’s strategy to streamline its operations and focus on the UK & Ireland markets.

Eric Born, Wincanton Chief Executive, said: "We have made good progress in the execution of the structural aspects of our strategy to exit from Mainland Europe and to improve shareholder value. We are now well positioned to focus on the operational aspects of our strategy and to build on our reputation for service excellence in our core UK & Ireland market. Through the delivery of operational efficiencies and contract wins we expect to continue to build on the strong, underlying profitability of our UK & Ireland business."

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