Wincanton profits hit £28m as firms lean on supply chain specialists
Logistics firm Wincanton said profits had jumped 2.6 per cent in the first half of the year as it managed to shrug off rising costs and boost revenues.
Revenues at the supply chain specialist rose 9.2 per cent to £753.6m while underlying pre-tax profits hit £28m in the first six months of its financial year.
Firms have been leaning closely on the services of firms like Wincanton as supply chains are snarled by labour and product shortages amid a deteriorating economic conditions this year.
Wincanton bosses said the firm continued to win new business and make “further progress” our growth strategy.
“We are reinforcing this with sustained investment into automation and robotic solutions to meet the growing demand for these technologies, and they are delivering tangible results for our customers,” said James Wroath, boss of the firm.
“I am very satisfied with the progress we have made in the period and, while mindful of the challenging macro-economic pressures, I remain confident in our strategy.”
The Group’s performance was dampened by volume reductions in the two-person home delivery, retail transport and construction transport markets, however.