Wincanton says profits up 'significantly' on prior year

Logistics firm Wincanton said on Wednesday that profits are up "significantly" on the same period last year but also acknowledged broader, sector-wide pressures related to the availability of drivers.

In an update ahead of its annual meeting, the company said the "strong" revenue performance seen in the second half of last year has continued into the first quarter of this financial year. There has been sustained growth and an "attractive" pipeline of opportunities in each of the group's four sectors.

"Wincanton continues to make operational and strategic progress and it is trading in line with expectations," the company added.

Wincanton was awarded two contract extensions by Ikea to operate the Swedish retailer’s customer distribution centres in Kent and Essex, which it said "underlines the sustained progress in the development" of its digital and eFulfilment offer.

"While the group has maintained its positive momentum in the early part of the financial year, it is mindful of the sector-wide pressures related to the availability of drivers. Wincanton is taking steps to address this, including increased recruitment of permanent colleagues and the acceleration of training programmes."