Business
Wincanton issues profit warningliz.wells@haymarket.com, 4 February 2009Be the first to comment on this article Wincanton, the supply chain specialist, has issued a profit warning, citing a fall in volumes in its construction, home delivery and recycling businesses. The company also reported lower volumes in its Mainland Europe activities. In a statement, it said that is did not expect new business wins or its programme of cost-reduction initiatives to fully offset the negative impact of economic slowdown. However, the company said it had secured new business, and expanded existing business, with customers such as Mars in Poland, SCA in Germany, Velux in France and BAe and Marley in the UK. Graeme McFaull, Wincanton chief executive, said: “We have moved swiftly to take cost out of our more volume-sensitive operations and re-position the group for a much more challenging economic environment. “We will not be immune to the effects of the downturn, but are encouraged by the resilience of the majority of our business, the speed with which cost-reduction initiatives are being implemented and our continuing success in growing our market share through new business wins.” The company reported a pre-tax profit of £36.7m in the year to 31 March 2008. Speak Your Mind |
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