REG - Wincanton PLC - Trading Update and Notice of Results

WincantonAnnouncement

07/10/2022 07:00

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RNS Number : 0878C  Wincanton PLC  07 October 2022

 7 October 2022

Wincanton plc

 

("Wincanton" or the "Group")

 

 H1 TRADING UPDATE AND NOTICE OF RESULTS

 

Wincanton plc, a leading supply chain partner for UK business, today issues
the following trading update ahead of its half year results for the six months
ended 30 September 2022.

 

Wincanton Trading Update

The Group's revenue for the first six months 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 our other strategic growth
sector, Public & Industrial delivered c.6% revenue growth. Our General
Merchandise and Grocery & Consumer sectors grew c.11% and c.4%,
respectively.

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.

The balance sheet remains strong, with net debt closing at c.£2m, c.£14.4m
improvement on H1 FY22. As a result of the substantial derisking of our
pension portfolio, recent LDI volatility has not impacted the funding position
of the scheme.

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.

Wincanton will announce its interim results for the six months ended 30
September 2022 on Tuesday, 15 November 2022.

 

For further information please contact:

 Wincanton
Plc
Tel: +44 12 4971 0000

James Wroath, Chief Executive Officer

Tom Hinton, Chief Financial Officer

Headland
                                                                                               Tel:
+44 20 3805 4822

Susanna Voyle/ Henry Wallers

E: wincanton@headlandconsultancy.com
(mailto:wincanton@headlandconsultancy.com)

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