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Wincanton profit slips 9.9% owing to Covid-19 writedowns

By BFN News | 08:05 AM | Wednesday 17 June, 2020


Logistics company Wincanton posted a 9.9% fall in annual profit after it wrote down the value of its assets, citing the Covid-19 crisis. Pre-tax profit for the year through March decreased to £43.8m, down from £48.6m on-year. Revenue rose 5.2% to £1.20bn, while underlying pre-tax profit, which excluded the writedowns, rose 7.3% to £52.8m. Revenue so far in the new financial year was down 10%, though May revenue was up 7% compared to April. Wincanton said there were signs of gradual increase in activity levels in segments most affected, including construction and transport services. The company had suspended its final dividend to mitigate the impact of the pandemic. 'The overall direction of our strategy following my initial review has not been altered by Covid-19,' chief executive James Wroath said. 'Wincanton has a strong business model with an experienced management team, diversified service offerings and an excellent reputation. ' 'I expect to use this foundation as a springboard for growth to drive even greater success in the future.' At 8:05am: (LON:WIN) Wincanton PLC share price was +9.5p at 194.5p Story provided by StockMarketWire.com

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