Loss for Wincanton as it drives forward with disposal plan

November 10, 2011
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Wincanton, the Chippenham-based logistics group, has plunged to a £75.5m half-year loss following the sale of its European operations. It also today revealed plans to sell off its loss-making foodservice division.

Revenue fell 5.6% to £1.04bn in the six months to September 30  against the same period last year.

The group, which at this stage last year posted a £11.7m profit, fell into red mainly as a result of a £64.4m one-off loss stemming from its European operations disposal.

UK and Ireland revenue fell to £625.4m, from £680m a year ago, with its operating profit was down from £25.1m to £22.3m.

Its foodservice division, which is now plans to sell, made a £2.2m year-on-year loss.

Chief executive Eric Born said exiting loss-making operations will make Wincanton stronger during  the second half.

“The results look messy but the actions we have taken in disposing of [loss-making divisions] will generate cash flow,” he said.

“I am very pleased with where we are.”

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