Wincanton Q3 revenues slip YOY

Logistics firm Wincanton warned on Friday that third-quarter group revenues had slipped year-on-year against "tough comparatives".

Wincanton stated that it had continued to trade in line with expectations across all four business sectors, despite a 1.4% drop in overall revenues, a 7% decline in grocery and consumer sector revenues, and a 5.8% fall in public and industrial sector revenues.

General merchandising revenues were broadly flat when compared to record highs seen in the third quarter of the prior year, while e-fulfilment revenues rose 13.6%.

The London-listed group also noted that over the last nine months, the UK's economic, political, and labour environments had been "particularly challenging", impacting both its top-line growth trajectory and our underlying cost base. Wincanton expects these "difficult conditions" to continue in FY24.

Chief executive James Wroath said: "We remain focussed on driving growth with both new and existing customers; our strong pipeline is critical to Wincanton's ability to negate the challenging external environment that we are facing.

"We continue to make great strides in supporting our technology propositions for customers, including automation and robotics, and this is supporting strong operational delivery across the group."

As of 0820 GMT, Wincanton shares were down 0.88% at 338.0p.

Reporting by Iain Gilbert at Sharecast.com