Wincanton first half profit up 6 percent

Source: Reuters

Date :06/11/2008 08:28:06

(Reuters) - Supply chain company Wincanton on Thursday posted a 6 percent rise in first-half profit and said its core business is performing well and that it is confident on its prospects for the full-year and beyond.

Wincanton, which transports everything from raw materials to goods for recycling, reported underlying pretax profit of 21.4 million pounds on sales 16.4 percent higher at 1.19 billion pounds.

The company boosted the interim dividend by 5 percent to 4.83 pence per share.

The group, which earlier this year decided not to proceed with a takeover move for rival logistics group TDG , said profits grew by 11.1 percent in the UK and Ireland and more than doubled in mainland Europe.

"The outlook for the group gives cause for confidence, both for the second half of this financial year, and as we begin to progress the many opportunities already in the development pipeline for 2009/10," Chief Executive Graeme McFaull said in a statement.

(Reporting by Rhys Jones; Editing by Mike Nesbit)