Wincanton PLC — Earnings Release 2023

Oct 7, 2022

National Storage Mechanism | Additional information

RNS Number : 0878C

Wincanton PLC

07 October 2022

7 October 2022

Wincanton plc

("Wincanton" or the "Group")

H1 TRADING UPDATE AND NOTICE OF RESULTS

Wincanton plc, a leading supply chain partner for UK business, today issues the following trading update ahead of its half year results for the six months ended 30 September 2022.

Wincanton Trading Update

The Group's revenue for the first six months was up c.8% (c.6% excluding acquisitions). This increase was driven by continued volume and new business growth across all four business sectors. The acquisition of Cygnia delivered growth of c.18% in the eFulfilment sector. In our other strategic growth sector, Public & Industrial delivered c.6% revenue growth. Our General Merchandise and Grocery & Consumer sectors grew c.11% and c.4%, respectively.

The strength of Wincanton's service proposition means the Group continues to win new business, from both new and existing customers. New contracts, such as with Primark, The White Company, MGA, Wickes and DEFRA, contributed significantly to the year-on-year increase in revenue.

The Group continues to manage inflationary pressures across its markets. Approximately 70% of the Group's contracts remain Open Book, providing a clear mechanism for cost increases to be passed to customers. This is particularly true in the Group's foundation sectors of General Merchandise and Grocery & Consumer. The Group also continues to take a proactive approach to managing the commercial consequences of cost pressures in its Closed Book contracts.

The balance sheet remains strong, with net debt closing at c.£2m, c.£14.4m improvement on H1 FY22. As a result of the substantial derisking of our pension portfolio, recent LDI volatility has not impacted the funding position of the scheme.

With sustained growth in its strategic markets, the Group expects to deliver financial performance in line with market expectations for FY23. The Board remains confident in the Group's strategy, underpinned by a strong pipeline of new business across all sectors for FY23 and beyond.

Wincanton will announce its interim results for the six months ended 30 September 2022 on Tuesday, 15 November 2022.

For further information please contact:

Wincanton Plc                                                                                                  Tel: +44 12 4971 0000

James Wroath, Chief Executive Officer

Tom Hinton, Chief Financial Officer

Headland                                                                                                           Tel: +44 20 3805 4822

Susanna Voyle/ Henry Wallers

E: wincanton@headlandconsultancy.com  

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTEAKEKELAAFFA