Wincanton reported an annual pre-tax loss of £44.9m, according to its latest financial results, ahead of its £760m sale to US supply chain management giant GXO back in April of this year.
The group’s figures for the year to 31 March 2024 reveal turnover dipping to £1.4bn (2023: £1.46bn). However, the group made a pre-tax loss of £44.9m compared with a pre-tax profit of £38.2m in the previous year.
Wincanton’s strategic report to the results attributed the profit slump to costs related to its acquisition by GXO, the impairment of the group’s e-fulfilment and two-person home delivery service Cygnia, and the loss of a key home delivery customer.
Back in March, Wincanton expanded its Scottish operations with a new 126,960 sqft distribution centre, located in the heart of Scotland’s ‘golden triangle’ at Belgrave Logistics Park, in Bellshill, North Lanarkshire.
It followed the launch of its Scottish Gateway hub in Motherwell the previous year.
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