The recovery in the building industry has delivered a boost to Wincanton, the Chippenham-based logistics group, along with better trading conditions in other sectors in which it is involved.
In a trading update released to the London Stock Exchange today, the group said the more buoyant UK construction industry, which it highlighted in its February interim management statement, continued to be reflected in its construction volumes.
It also reported “solid levels” of activity in its contract logistics business while its Specialist Businesses, Pullman Fleet Services and Wincanton Records Management continued to trade in line with expectations. However, its containers business remained broadly flat.
The group, which has 16,500 employees working across 250 sites and a fleet of 5,000 vehicles, also today said that following consultation with affected staff and unions it had closed its defined benefit pension scheme.
The statement said: “The vast majority of the former active members of the scheme, approximately 7% of Wincanton’s total workforce, have selected to participate in the group’s range of defined contribution pension arrangements going forward. Pension benefits built up to the date of closure will be preserved.”
Today’s trading update comes ahead of the group’s preliminary results for the year ended March 31 which will be announced on June 5.
Its shares rose 1.89% – or 2.25p – in early trading this morning.