New contracts boost Wincanton revenues
Wincanton said revenues across its group operations had increased by 5.5% during the third quarter of the current financial year ending March/April 2023, and its pipeline of new business opportunities continued to increase.
Against a backdrop of challenging economic, political and labour conditions, the company said revenue was lower year-on-year by 1.4%.
Its grocery and consumer sector fell by 7%, whilst its general merchandise sector was broadly flat at +0.6% when compared to the “record highs” Wincanton experienced in Q3 2022.
Its e-fulfilment division revenue increased by 13.6%, which was driven by new contract wins including with The White Company, City Electrical Factors and Saint Gobain.
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In a trading statement, Wincanton said: “While the performance in Cygnia remains robust, recent postal strikes and pressure on discretionary consumer spending meant that online volumes were below expectations for some customers.”
Revenue in its public and industrial sector decreased by 5.8%, which it attributed mainly to lower volumes across the building materials market and contract attrition.
Wincanton added that it expected the tough trading conditions to continue into 2024.
James Wroath, Wincanton chief executive, 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.”
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