Wincanton H1 profits grow, FY earnings seen in line with expectations

Logistics company Wincanton said on Friday that profits had risen in the six months ended 30 September, leading the group to now guide for full-year earnings in line with expectations.

Wincanton posted a 42.9% increase in interim underlying pre-tax profits to £27.3m, while underlying earnings were up 17.6% at £50.8m and underlying basic earnings per share were 41.1% higher at 4.0p.

Statutory pre-tax profits were 31.4% firmer at £25.1m and basic earnings per share improved 31% to 16.9p as driver cost headwinds were somewhat mitigated by the group's business model.

Wincanton also said interim revenues had surged 19.3% to £690.3m.

The London-listed firm highlighted that it remained on track to deliver full-year profits consistent with market expectations and that it was confident in its future growth opportunities.

Chief executive James Wroath said: "We have delivered a strong set of results in the first half of the year with record levels of growth and positive contributions from all parts of the business.

"So far this year, we have secured a healthy level of new customer contracts, renewed agreements with businesses we are proud to have supported for many years and have a strong pipeline of new opportunities ahead of us. We are continuing to strengthen our offer to customers through investments in digital and robotic innovation and a culture of continuous improvement in our services. All of this positions us well to benefit from the changes we are seeing in our markets."

As of 0855 GMT, Wincanton shares were up 1.31% at 386.0p.