Wincanton PLC (LSE:WIN) reported 8% revenue growth in the half-year to end-September and expects to deliver its full-year targets, helped by new contracts with the likes of Primark, The White Company, MGA, Wickes and DEFRA.
The supply chain solutions group said it is able to pass inflationary cost increases on to its clients as around 70% of its contracts are ‘open book’.
Revenue growth has been driven by all four of its business areas, led by roughly an 18% year-on-year increase for the e-fulfilment operations, led by the acquisition of Cygnia last year.
Public & Industrial, the group’s other sector identified for strategic growth, delivered around 6% revenue growth.
The General Merchandise sector grew circa 11% and the Grocery & Consumer sector was up about 4%, the company said in a trading update ahead of interim results in November.
Net debt was roughly £2mln at the half-year stage, down £14.4mln over 12 months.
Wincanton said “substantial derisking” of its pension portfolio meant that recent LDI volatility has not impacted the funding position of the scheme.
“The board remains confident in the group's strategy, underpinned by a strong pipeline of new business across all sectors for FY23 and beyond,” it said.