Wincanton™s profits up

Underlying operating profit at Wincanton rose nine per cent in the first half of the year to £24.3m despite a 12 per cent fall in sales to £551.2m reflecting the progress the company has made following its restructuring programme last year.mIn the first half of 2011 the company made a total loss of £73m “ that compares to a £9.2m profit this year. The Contract Logistics division which now makes up more than 80 per cent of the business saw underlying operating profit rise 15 per cent to £20.1m while sales were down 13 per cent to £465m boosting margins to 4.3 per cent. The company said the decline in revenue was mainly the result of contracts that were insourced last year which have yet to be offset by the new contract wins this year. New contract wins commence in the last quarter of our current financial year.

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