Wincanton PLC (LON:WIN), the logistics group, said it has seen signs of a recovery in some of the business sectors worst affected by the coronavirus lockdown.
Revenue in the two months to May was a little over 10% below the comparable period last year, the group said in a statement with its full-year results to March 31, 2020.
That shortfall, which hit construction and transport services hardest, had a disproportionate impact on profitability, added the group.
May, though, saw an increase in revenues of approximately 7% over April and profits also rallied.
In the results statement, James Wroath, Wincanton chief executive said: “The measures we have implemented have ensured great service has continued during the crisis period and opportunities for future growth have continued to emerge. Furthermore, profitability continues to recover as our sectors return towards normal levels of activity.”
For the year to end-March, Wincanton's revenues rose by 5.2% to £1.2bn with underlying profits 7.3% higher at £52.8mln. Pre-tax profits fell to £43.8mln (2019:£48.9mln).
Wincanton said it would keep future dividends under review having suspended the final payment this time.
The surge in demand for grocery and consumer products seen at the start of the lockdown had eased, Wincanton added, with volumes in both areas now back to normal levels.