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Good year for Wincanton
Page 12
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Profits and turnover are up for
logistics operator Wincanton.
Guy Sheppard reports.
WINCANTON SAYS it has consolidated its position as a leading European supply chain management company after announcing a 14% rise in yearly profits to £35m.
Contract renewals and new business accounted for £209m of turnover in the UK and Ireland and £41m in Continental Europe. The combined total of £250m is up £56m on the previous year.
The company says its pan-European presence is proving a competitive advantage in an industry that remains fragmented. "Many customers wish to consolidate their supply chain requirements with a smaller number of service providers.There are opportunities to continue to expand our service offering and the range of valueadded activities."
UK highlights included a new 10-year contract with GlaxoSmithKline, thought to be the largest in the logistics industry this year.
On the Continent some good business wins were off-set by con tract losses and price pressure on renewed contracts.
Chief executive Paul Bateman says strong earnings growth and sound operational performance consolidatedWincanton's position as a European leader. "We have confidence in the group's ability to build further on the significant achievements of recent years."
John Manners-Bell, analyst with Transport Intelligence, says: -One thing that you can take from them is that its acquisition of P&O seems to be going pretty well. Lots of people weren't convinced by it at the time but the integration of the two operations has gone smoothly."
There has been recent speculation that Wincanton will be the takeover target for any number of big European firms. Manners-Bell plays this down, but adds: "One thing you can say is that there's a definite trend for consolidation in the sector. You certainly wouldn't want to bet against it."