Wincanton PLC Trading Update (6228T)

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RNS Number : 6228T

Wincanton PLC

31 March 2016

 
   31 March 2016 
 

Wincanton PLC

('Wincanton' or the 'Group')

Trading Update

Wincanton, a leading provider of supply chain solutions in the UK & Ireland, today issues the following trading update ahead of preliminary results for the year ended 31 March 2016.

The Board is pleased to report that the trading performance of the Group, as adjusted for the disposal of Records Management, continues to be in line with expectations as set out in the Half Year results announcement released on 12 November 2015.

Having completed the disposal of the Records Management business on 8 December 2015, GBP50m of the Group's GBP75m M&G debt has been repaid, resulting in a corresponding reduction in the level of average net debt and financing costs in the last quarter of the financial year. As planned, we have also utilised our Revolving Credit Facility to repay GBP34m of US Private Placement debt on its maturity. The Group also paid a contribution of GBP7m to the Wincanton Pension Scheme from the proceeds of the disposal of the Records Management business, bringing the total contributions to the scheme to approximately GBP21m in the year.

The preliminary results for the year ended 31 March 2016 will be announced on 9 June 2016.

For further information please contact:

 
 Wincanton plc 
  Adrian Colman, Chief Executive Officer 
  Tim Lawlor, Chief Financial Officer       01249 710 000 
 
   Buchanan 
   Richard Oldworth, Victoria Watkins, 
   Jane Glover                                020 7466 5000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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March 31, 2016 02:00 ET (06:00 GMT)