Wincanton: Prelims for Full Year to March 2004
Wincanton PLC
10 June 2004
FOR IMMEDIATE RELEASE 10 June 2004
WINCANTON plc
Preliminary Announcement of Results
for the financial year ended 31 March 2004
Delivering the benefits
2004 2003 Change
£m £m
Turnover 1,680.5 998.0 +68.4%
Adjusted Operating Profit 43.2 33.3 +29.7%
Interest (12.6) (5.0)
Adjusted Profit before tax 30.6 28.3 +8.1%
Adjustments (Note) (8.2) (1.6)
Profit before tax 22.4 26.7
Adjusted Basic earnings per share 16.0p 16.5p -3.0%
Basic earnings per share 9.6p 17.5p
Final Dividend 7.08p 6.75p
Full Year Dividend 10.56p 10.06p +5.0%
Note: Operating profit, profit before tax and earnings per share have been
adjusted to exclude pension credit (+£4.0m), exceptional items
(-£10.0m) and goodwill amortisation (-£2.2m).
HIGHLIGHTS
• Savings and efficiencies ahead of target
• Full-year trading profit in Germany
• Restoring business win momentum
• Strong cash flow and improving return on capital
Commenting on the results, Paul Bateman, Wincanton’s Chief Executive, said:
‘We are successfully delivering the benefits from our recent acquisition.
In addition to generating higher levels of cost savings and efficiencies,
significant progress has been made in turning around a number of
under-performing operations and a full-year trading profit has been reported in
Germany.
We are confident, one year into our 3-year programme, that we are successfully
building a platform for sustained growth and European leadership.’
For further enquiries please contact:
Wincanton plc
Paul Bateman, Chief Executive Tel: 020 7466 5000 today, thereafter
Gerard Connell, Group Finance Director Tel: 01963 828206
Charles Carr, Group Communications Director
Buchanan Communications Ltd Tel: 020 7466 5000
Charles Ryland, Jeremy Garcia
WINCANTON plc
PRELIMINARY ANNOUNCEMENT
Year ended 31 March 2004
Chairman’s statement
Wincanton is now one of the leading supply chain management companies in Europe,
with a strong business base in the UK and an established presence across the
Continent.
Our acquisition, which transformed the scale and scope of our operations, has
been well received by the customers of the enlarged Group. We are grateful for
the support they have shown. Our principal focus, during a period of significant
change, has been the maintenance of the highest levels of operational
performance for all our customers.
We have set ourselves a 3-year programme to integrate this acquisition fully and
deliver a stronger platform for sustainable future growth. Good progress has
been made in this first year of the programme, both financially and
operationally. Much further progress can and will be made.
Operating profit of £43.2m, before pension credit, goodwill amortisation and
exceptional items, represents a solid performance in a period of major change.
There were encouraging results in many areas an
