3 Oct 2017 07:00
For Immediate Release 3 October 2017
Wincanton PLC
('Wincanton' or the 'Group')
Trading Update
&
Notice of Results
Wincanton, a leading provider of supply chain solutions in the UK and Ireland, today issues the following trading update ahead of half year results for the six months ended 30 September 2017.
The Board expects both underlying operating profit and profit before tax for the financial year to 31 March 2018 to be in line with expectations.
To ensure that the Group continues to be well positioned in a competitive market, it has identified cost saving opportunities which will offset the trading profit headwinds highlighted earlier in the year and provide greater resilience in future periods.
An exceptional charge of up to £7m will be taken in relation to the cost-saving initiatives, primarily for the cost of redundancies in our Industrial and Transport business and support functions. This charge will be spread over the first and second half of the year as the costs materialise. The exceptional charge will be partly offset by an exceptional pension credit arising from the recently completed Enhanced Transfer Value exercise. The net exceptional charge for the year after this credit is expected to be approximately £5m.
The Group will announce its interim results for the six months ended 30 September 2017 on 9 November 2017.
ENDS
For further information please contact:
Wincanton plc Tel: 01249 710 000
Adrian Colman, Chief Executive Officer
Tim Lawlor, Chief Financial Officer
Buchanan Tel: 020 7466 5000
Richard Oldworth / Victoria Hayns / Maddie Seacombe