- Wincanton confirmed full year underlying profits will be in line with expectations in a trading update ahead of announcing its preliminary results for the year to 31 March 2019.

The company delivered a strong operating performance across the group in the second half of the year, especially during Christmas peak trading in the retail and consumer sector.

Wincanton secured substantial new business wins in the second half of the year, adding new customers including HMRC and Weetabix, as well as additional contract wins with existing customers such as Aggregate Industries and The Co-op.

Revenue for the full year will be lower than last year due to timing of contract awards and the exit from certain low margin contracts.

The strong wins achieved in the second half were too late in the year to mitigate the impact from contracts lost at the end of the previous financial year and first half of this year.

However, the loss of the low margin contracts positively contributed to an increase in the group's operating profit margin in the year.

The group's performance was further supported by a strong level of contract renewals in the second half with customers such as Asda, Valero and Marley, which together with the new business wins, positions Wincanton well to deliver revenue growth in the year ahead.

Wincanton's closing net debt is expected to be approximately £20m. Preliminary results for the year to 31 March 2019 will be announced on 16 May.

At 9:42am: [LON:WIN] Wincanton PLC share price was -2.5p at 229.5p

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