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Wincanton divisional heads given strong growth targets
Page 10
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CM COVER STORY .oanna.hourke@rbi,co.uk
WINCANTON HAS given the heads of seven of its business units the task of bringing in a pre-tax profit of at least £10m each by 2015.
As part of its five-year growth plan, the firm says it expects the following divisions to collectively contribute 1.70m in pre-tax profit by 2015: • construction • containers • defence and aerospace • home delivery • foodservice • records management • recycling and waste management. To illustrate the scale of the target, for the 12 months to 31 March 2009, the company reported an underlying operating profit of £52.5m for the UK and Ireland. but Wincanton has not revealed the individual profit generated by each business unit.
Speaking atWincanton's investor forum last week, chief executive Graeme McFaull said: -"I'hese activities are prioritised because they have real potential for further growth. While these targets could be a stretch, we believe they are realistic, and are confident they can be delivered."
The announcement follows the release of Wincanton's interim management statement for the three months to 21 January 2010.
The company singled out food service and defence activities as areas with the potential for large growth.
According to foodservice managing director David Jones, £3m will be pumped into his division this year, adding to the initial Dm invested in the firm's Manchester distribution centre in early January.
Jones adds it has been notified of "a major contract win with one of the UK's fastest growing foodservice companies".
Elsewhere, Wincanton says container volumes have yet to recover to pre-recession levels, and were recently badly affected by port closures due to adverse weather.
Construction volumes also remained "subdued': however, senior business unit director, construction, Nick Graham says: "A number of smaller rivals have failed in this sector so we hope to gain more market share and volume. There are a lot of opportunities out there."
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