Wincanton has warned of “trading profit headwinds” that it experienced in April, May and June, but expects pre-tax profit to remain inline with expectations.

At its AGM today shareholders were told that: “In the period since the year end, we have seen year-over-year growth in revenue primarily driven by organic growth in the retail and consumer sector.

“The group has experienced weaker than expected performance in some of its transport-related contracts and activities and these have created some trading profit headwinds in the first quarter. These are expected to be largely mitigated by continued operational efficiencies across the business during the remainder of the year,” it said in a statement.

“Taking into account further reductions in the group’s net finance charges, the board anticipates that [pre-tax profit] for the full year will be broadly in line with expectations.”

In the year-ending 31 March turnover fell 2.6% to £1.11bn, from £1.14bn in the previous financial year. Pre-tax profit fell to £45.4m from £65.8m in financial year 2016.

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