Wincanton continues meeting expectations ahead of AGM

British logistics provider Wincanton plc (LON: WIN) announced today that it continued to trade in line with expectations.

The update came as part of the Company’s official AGM statement released to investors and press, in which the company confirmed news of the five year contract it had won with Morrisons Supermarkets (LON: MRW), which entailed providing transportation to the supermarket’s stores from three distribution facilities.

Wincanton AGM statement

The Company announced the AGM statement, “Wincanton, a leading provider of supply chain solutions in the UK & Ireland, will hold its Annual General Meeting today at 11 am at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN, at which Dr Martin Read CBE, Chairman, will make the following statement:”

The AGM statement read as follows:

“The Board confirms that Wincanton continues to trade in line with expectations.”

“As previously announced on 14 June 2019 Wincanton has been appointed by Wm Morrison Supermarkets PLC (“Morrisons”) to provide transportation services from three distribution centres to its stores. The new five-year contract will see Wincanton manage all transportation planning and operations from the three locations to support Morrisons’ network of stores. Wincanton will also be responsible for vehicle maintenance through its fleet management business, Pullman Fleet Services, at five Morrisons sites.”

“As set out in our Full Year results, a final dividend of 7.29p per share in respect of the year ended 31 March 2019 will be payable, subject to approval at today’s AGM, on 2 August 2019 to those shareholders on the register on 5 July 2019.”

Investor notes

The Company’s shares dipped slightly in morning trading on Thursday, down 0.75% or 2p to 265p a share. Numis and Liberum Capital analysts were in consensus, with both reiterating their respective ‘Buy’ stances on Wincanton stock.

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Senior Journalist at the UK Investor Magazine. Also a contributing writer at the Investment Observer, UK Property Journal and UK Startup Magazine. Postgraduate of King's College London with a specialisation in Business Ethics. Interested in Development Economics and David Hume.