Wincanton, the Chippenham-based logistics group, has plunged to a £75.5m half-year loss following the sale of its European operations. It has also revealed plans to sell off its loss-making foodservice division.
Revenue fell 5.6% to £1.04bn in the six months to September 30 against the same period last year.
The group, which at this stage last year posted a £11.7m profit, fell into red mainly as a result of a £64.4m one-off loss stemming from its European operations disposal.
UK and Ireland revenue fell to £625.4m, from £680m a year ago, with its operating profit was down from £25.1m to £22.3m.
Its foodservice division, which is now plans to sell, made a £2.2m year-on-year loss.
Chief executive Eric Born said exiting loss-making operations will make Wincanton stronger during the second half.
“The results look messy but the actions we have taken in disposing of [loss-making divisions] will generate cash flow,” he said.
“I am very pleased with where we are.”
