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Wincanton Expects FY18 Profits In Line With View

Wincanton Plc (WIN.L), a provider of supply chain solutions in the UK and Ireland, Tuesday said its Board expects both underlying operating profit and profit before tax for the financial year to March 31, 2018 to be in line with expectations.

In its trading update, ahead of half year results for the six months ended September 30, 2017, the company said it it has identified cost saving opportunities which will offset the trading profit headwinds highlighted earlier in the year and provide greater resilience in future periods.

An exceptional charge of up to 7 million pounds will be taken in relation to the cost-saving initiatives, primarily for the cost of redundancies in Industrial and Transport business and support functions.

This charge will be spread over the first and second half of the year as the costs materialise. The exceptional charge will be partly offset by an exceptional pension credit arising from the recently completed Enhanced Transfer Value exercise.

The net exceptional charge for the year after this credit is expected to be approximately 5 million pounds.

The company will announce its interim results on November 9.

In London, Wincanton shares were trading at 237.75 pence, up 1.17 percent.

by RTT Staff Writer

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