Wincanton revenues boosted by new business wins

Revenues at Wincanton for the six months to the end of September were up 8%, driven by continued volume and new business growth across all four business sectors, it said in a trading update.

Excluding acquisitions, which included e-commerce and fulfilment specialist Cygnia Logistics, revenue increased by 6%.

The logistics giant said buying Cygnia had delivered growth of around 18% in e-fulfilment and there had been a 6% increase in revenue in its other strategic growth sector, public and industrial.

General merchandise and grocery & consumer grew by 11% and 4% respectively.

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Wincanton also cited new business wins, including contracts with Primark, The White Company, MGA, Wickes and Defra.

The group said approximately 70% of its contracts are open book, which provided a mechanism for cost increases to be passed on to customers and helped it manage inflationary pressures.

“With sustained growth in its strategic markets, the group expects to deliver financial performance in line with market expectations for FY23,” Wincanton said in a statement.

“The board remains confident in the group’s strategy, underpinned by a strong pipeline of new business across all sectors for FY23 and beyond.”

It will announce its interim results on 15 November.