Wincanton sees FY results in line with market expectations
Third-party logistics company Wincanton said on Thursday that results for the year to the end of March 2020 should be in line with markets expectations after it secured "good levels" of new business in the first half.
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In an update ahead of its results for the six months to the end of September, Wincanton said it had secured a five-year deal with Morrisons for the provision of transport and vehicle maintenance services. In addition, a number of contracts with existing customers were renewed, including Adidas, Williams Sonoma and Cormar Carpets.
The company disposed of two freehold properties for gross proceeds of £5.5m, for which an exceptional profit of around £2.0m will be reported in the first half.
Net debt at 30 September is expected to reduce to about £15m, it said.
At 1050 BST, the shares were up 1.8% at 228p.