Wincanton is planning to expand through a number of acquisition and joint venture opportunities, it announced yesterday at its AGM.
The company said that while the economic slowdown will inevitably affect some of its customers, it is confident it will continue to progress in 2009 after reporting a strong financial performance for the first quarter of the new financial year.
It also plans to enter new markets and further broaden its business base following the acquisition of Product Support Holdings for around £30 million at the end of May.
Wincanton has created 1.5 million sq ft of space for customers in its retail business unit and has reinforced its manufacturing business unit with several recent acquisitions, adding that it remains “encouraged” by its emerging solutions business unit.
In mainland Europe, Wincanton has reported an “above budget” performance from its German road network, as well as adding new business with existing customers in France and extending its consultancy work for a brewer with new assignments in the Czech Republic and Hungry.
In addition, David Malpas, who has spent seven years on the Wincanton board, including three as chairman, has retired.
David Edmonds has taken on the role of chairman and Philip Cox has been appointed senior independent director.