Wincanton Announces Preliminary Results for the financial year ended 31 March 2013

Wincanton plc, a leading provider of supply chain solutions in the UK and Ireland, today announces its preliminary results for the year to 31 March 2013

 

 

2013

2012

change

Revenue (£m)

1,086.8

1,202.8

-9.6%

Underlying EBITDA (£m)

63.7

60.9

+4.6%

Underlying operating profit (£m)

46.5

43.8

+6.2%

Underlying margin (%)

4.3%

3.6%

70 bps

Underlying profit before tax (£m)

32.1

28.8

+11.5%

Profit/(loss) before tax (£m)

24.8

(47.4)

 

Underlying EPS (pence)

20.4

16.9

+20.7%

Basic EPS (pence)

15.8

(89.3)

 

Net debt (£m)

107.6

114.5

-6.0%

 

Highlights

Underlying operating profit increased by 6.2% to £46.5m (2012: £43.8m)

Further progress in winning higher margin and technology supported contracts

Increase in operating margin from 3.6% to 4.3%

Successfully supported London 2012 Games as a key logistics provider

Delivered important start-up operations and ongoing services in particular for retail convenience store logistics

Solid performance on new business wins and renewals in tough market place

New customers include LOCOG and Tilda

New areas of work for existing customers including Morrisons, the NHS, CEMEX, Rolls Royce, Sainsbury's, BAE Systems and Valero

Net debt reduced by £6.9m to £107.6m (2012: £114.5m)

 

Note:  Underlying profit before tax and earnings per share are for continuing operations and are stated before net other items of £7.3m (2012: £76.2m), comprising amortisation of acquired intangibles of £7.3m (2012: £8.2m), closure and restructuring of operations and other costs of £nil (2012: £29.1m), onerous property provisions of £nil (2012: £34.1m) and exceptional loss on the disposal of Culina of £nil (2012: £4.8m).  Operating profit, including these items, amounted to £39.2m (2012: loss of £(32.4)m).  Profit before tax from continuing operations, including these items, amounted to £24.8m (2012: loss of £(47.4)m).

 

Eric Born, Wincanton Chief Executive commented:

“Wincanton has continued to build on its leading position in the UK and Ireland supply chain and logistics market in the year to 31 March 2013, with increased underlying operating profit, improved margin and good progress made against our strategic plan.

 

In addition to growing the business and broadening our offering we will continue to drive out further costs by improving the efficiency of our operating model across our three main asset pools of people, property and fleet. We believe further enhancements from these areas will maximise our operational performance and generate increased levels of free cash flow going forward.”

 

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