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Chris Morgan, Automotive & Logistics Datamonitor UK-based logistics company Wincanton
Page 22
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has announced its results for the fiscal year 2004/5, with pre-tax profits increasing by over 40% year-on-year to reach £35.2m. The company, which now operates throughout Europe following its 2002 acquisition of P&O Trans European, reported an increase in UK and Ireland operating profit of 5.5% to £19.1m. European operations were flat though due to restructuring with margins of just 1.1%.
However, Wincanton has won notable contracts in the past 12 months, including a 10-year warehousing deal with GlaxoSmithKline, as well as agreements with Goodyear Dunlop in Poland and Honeywell in Germany.
The overall picture in Europe is positive for Wincanton. Until the acquisition of P&O Trans European, Wincanton was purely a UK and Ireland focused company, but it has become one of Europe's leading contract logistics operators with a presence across the continent on the back of the purchase.
The purchase was not an instant success, but the geographic expansion was a correct move strategically Bluechip companies, which make up most of Wincanton's customer base, increasingly require regional and even pan-European logistics services, as their on activities spread across national borders.
In Datamonitor's view this increased geographical spread has put Wincanton in a good position to capitalise upon this trend —one that can only become more pronounced following the enlargement of the EU to include new member countries.