Wincanton starts on road to financial recovery
By: David Howells
10 February 2012
Logistics firm Wincanton has used recent high profile deals to help alleviate its financial worries, swindon-business.net reports.
The business reported a £75.7 million first half loss in 2011 after pulling out from the European market. However, after securing deals with Asda, B&Q, Premier Foods, Thames Water and SuperGroup, the firm looks set to get its finances back on track.
In line with the new acquisitions, Wincanton secured contract renewals from WHSmith, Husqvarna and Procter & Gamble, which is describes as proof of "business momentum" for both new and pre-existing contracts.
The deals had allowed Wincanton to get back on track, something the firm now claims to have done, with trading in recent months being in line with expectations.
Wincanton is expected to push for further growth, having already secured some high-profile deals, which may create yet more driving jobs as the business finds its way out of its previous financial dire straits.
"This is an important step in the overall repositioning of Wincanton following the withdrawal from Europe," Wincanton chief executive Eric Born told wincanton.co.uk.
"It ensures that Wincanton has facilities in place with a maturity profile that allows the company to focus on delivering profitable growth in the solid UK and Ireland business and to generate positive cashflow in the future."
Top of page