The Wincanton Plc Board is declaring an interim dividend of 4.4p per Ordinary Share in line with prior year (H1 22/23: 4.4p per share). The Group's policy is for the interim dividend to be approximately one-third of the expected full-year dividends and will be paid on 15 December 2023 to shareholders on the register on 17 November 2023, an estimated total payment of £5.4m.
Other financial highlights include:
- Revenue of £694.7m and underlying profit of £22.6m, in line with expectations
- 7.8% revenue reduction from prior year reflecting the Group's strategic shift out of closed book transport contracts and towards digitally enabled 4PL solutions
- Excluding closed book transport contracts, revenue is down 3.7%
- Strong free cash flow generation of £24.5m with disciplined cash management resulting in an improved H1 net cash position of £15.6m
- Interim dividend of 4.4p at the same level as prior year
- Milestone agreement reached with the Defined Benefit Pension Scheme Trustees for the March 2023 triennial valuation; last contribution to scheme made in July 2023, unlocking significant free cash flow
- New capital allocation framework developed, including launch of £10m share buyback programme
