Wincanton copes with lorry driver shortages, boosts profits

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Tea

Wincanton’s chief executive has said the challenge of battling the “perfect storm” behind lorry driver shortages remains, but the logistics firm can cope.

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James Wroth pointed out that Evening Standard driver recruitment across industries was impacted by “Brexit, Covid and rising demand”, along with the fact that “the workforce was already aging”.

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The transport and warehouse firm he leads directly employs about 5000 drivers this year and increases salaries.

Wroath said the pressure is on, but Wincanton “has the resources to get the job done”. [work for its customers] What happened”.

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The company, which works with chains including Primark and Waitrose, grew profit before tax by 31% to £25.1 million in the half-year of September.

A year ago it faced higher disruption costs at the start of the pandemic. But profits this year have also benefited from winning new contracts and working more with existing retail customers, some of whom saw a surge in online orders during the lockdown.

Revenue jumped from £578.7 million to £690.3 million, and a 4p dividend per share was announced.

Shares climbed from 3p to 384p.

A note from house broker Numis stated: “Strong trades, contract wins and expansion provide confidence in fiscal year expectations and demonstrate the importance of its services while supporting a wide range of clients.”

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