Wincanton annual profits will come in ahead of expectations, the logistics firm said on Wednesday as it revealed a new warehouse letting that will help it significantly boost ecommerce work.
The company, which provides storage and distribution services, is among firms to have benefited from high demand for space and deliveries during the pandemic. Many retailers have been trying to cope with a spike in online orders.
As well as growth in volumes in its ecommerce division, Wincanton added that there has been a ramp-up of public sector activity, such as the storage and distribution of Covid-19 testing kits.
Group underlying revenue in the fourth quarter increased 15%.
The firm now anticipates pretax profits for the year to March 31 will be ahead of the £45.4 million analysts had been expecting.
The shares gained 16.2p to 387.22p.
Wincanton also said it will be leasing a 528,000 square feet state-of-the-art distribution centre in Northamptonshire.
Chief executive James Wroath said: “This serves as a marker of our ambitions to capitalise on the growth opportunities presented by the increasing prominence of online retail.”
