The Wincanton Board is declaring an interim dividend of 4.4p per Ordinary Share (H1 21/22: 4.0p per share) in line with its established policy of growing the dividend broadly in line with underlying earnings movements. The Group's policy is for the interim to be approximately one third of the expected full year dividend.
Other financial highlights include:
●Good first half performance with revenue of £753.6m up by 9.2% (6.9% excluding Cygnia Logistics acquisition impact)
●Underlying EBITDA of £57.4m, a year-on-year increase of 13.0% (H1 21/22: £50.8m)
●Underlying profit before tax of £28.0m up 2.6% (H1 21/22: £27.3m); profit growth delivered whilst increasing investment and against a challenging macro-economic environment
●Successfully managing inflationary pressures, with clear mechanisms to pass through costs in open book contracts and proactive actions taken to manage closed book contracts
●Free cash flow generation of £17.7m with robust cash management resulting in an improved H1 net debt of position of £2.2m