First-half revenues jump at Wincanton

Wincanton saw revenues jump in the first half after securing a string of contracts, the supply chain specialist said on Friday.

Updating on trading, Wincanton said revenues in the six months to 30 September were ahead 8%, or 6% excluding acquisitions, driven by continued volume and new business growth across all of its four business sectors.

New contracts - including with retailers Primark, The White Company and Wickes as well as the Department for Environment, Food and Rural Affairs - contributed "significantly" to the year-on-year increase in revenue, the firm said.

Wincanton also noted that around 70% of its contracts were on an open book basis, allowing it pass on cost increases.

The firm concluded: "The group expects to deliver financial performance in line with market expectations for the 2023 full year. The board remains confident in the group’s strategy, underpinned by a strong pipeline of new business across all sectors for 2023 and beyond."

Shares in Wincanton, which is due to post interim results on 15 November, sparked in early trading, up 3% at 313.35p.