Wincanton looks to be on course to achieve its stated aim of returning to profit this year, despite the impending loss of its finance director.
In June Eric Born, chief executive at Wincanton, told MT the company would be back in the black in this financial year, after a pre-tax loss of £47.4m for the year ended 31 March.
Extensive restructuring and the disposal of its European business is now starting to bear fruit according to the chief executive, who has set himself the target of turning around the logistics giant in two years.
Wincanton’s latest financial statement would appear to support Born’s claim, with a pre-tax profit of £13m in the half year to 30 September compared with a loss of £13.6m in the same period a year ago.
This came despite a drop of 11.9% in revenue to £551.2m (2011: £625.4m) due in the main to the disposals made last year.
Born said: “The first six months of the current financial year reflect the progress the group has made over the last 18 months. Our strategy is to achieve a clear leadership position in the UK & Ireland supply chain market continues to gather momentum.”
The company has also revealed that group finance director Jon Kempster will leave the business he joined in July 2010 to pursue other interests. He has stepped down from the board and will leave by the 31 January. However his departure may come sooner if a successor is appointed before this time.