I'm confused Wincanton have less than half the debt and market value of Stobbard but they make a bigger profit!

To compound my sense of confusion Wincanton are continuing to fall whilst Stobbard continue to rise!

I don't think I can resist Wincanton any longer.


What do you think?

I know the dividend might drop, but it wasn't mentioned in the trading update. If it halves it's still almost 5%.

And ...........

Stobart directors have sold while Wincanton buy.

I'm ready to buy at under 1 tomorrow!

Mind you 85p would be good, I'll try not to be greedy!

Anyone sees more than the rising oil price being the killer?

kiwi2007 - 17 Apr'11 - 22:09 - 251 of 259 edit

Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.com to buy additional rights or use this link to reference the article - http://www.ft.com/cms/s/2/7a2c0ad0-6780-11e0-9138-00144feab49a.html#ixzz1JoiRVzrc

One beaten-down share that catches my eye is Wincanton (WIN), the freight and logistics specialist. It lost three quarters of its value since peaking in 2007.

There is no getting around the fact that Wincanton faces painful problems, including high debt and a large pension deficit. The dividend is at risk. Its French division has serious problems. The City fears the company will raise cash, either from asset sales, dividend cuts or a fundraising. These actions could dilute the value of existing shares.

On the positive side, a new management team with experience in turning around underperforming businesses is in place. The company is now focused on cutting costs and debt. It has become much more open about its problems.

The graph shows that prices just returned to the low point that was reached in March 2009. Many chartists view this level as a possible support area. They could be right. The sell-off ended just as prices returned to this area.

What is the best way to play this potential opportunity? There is no single best answer. The right approach is a function of your risk appetite.

The risk/reward trade-off is lopsidedly positive right now for those with the stomach to gamble. Many things can go wrong for Wincanton but the City is well aware of them. I suspect that much of the bad news is already reflected in the price.

But some traders are less tolerant of risk. I fall into this category. Even though the City already recognises that Wincanton might raise cash, experience teaches me that shares often dip once news of a fundraising is announced.

Given my aversion to risk, I shall closely monitor these shares and use any dip linked to fundraising or a dividend reduction as a buy signal. I might miss a fine opportunity by holding back at this moment but my investing philosophy is that there are many other fish in the sea.

Wow!

Thanks for that. It makes me think. I'm one of those toe in water first. Investing has taught me nothing is for certain and only invest what you're happy to lose!

They started off positive this morning but are wobbling again, I think I'll get a small number, if they go up great and well .............at least I've been warned!

Thanks again

hi JRM pardon ME// for saying so BUT you SHOULD never be happy to lose /// but i think you are RIGHT ABOUT THESE SHARES intime they will rise upwards and on wards so to .speak. on my watchlist .

Thanks I think the drop yesterday was due to a downgrade. There's a line in the Express.

I'm not happy losing, I just enjoy the ride you can learn a lot on a bad day!

Just into WIN at 1. Anyone else dipped in as well? Seems a good Divi. ope I've done right.

That's quite a chart.

Just had a small sb @98.80

Up 11% - more volume would be more convincing.

Up again today - albeit on pitiful volume.

Looking good on a bad day!

Still going the right way - again on negligible volume.

Tick tick....

Scrapping the dividend not going down too well - in auction!.

another case of directors forgetting where their fees come from ... I was lucky got out with small profit .... if they had earned them perhaps?

Going the right way again on nearly 1m.

Interim Management Statement.

Wincanton plc (the 'Group') issues the following Interim Management Statement for the period from 1 April 2011 to the date of this announcement.

The Group's trading performance in the period was in line with our expectations.

The Group has secured a number of renewals in the period, including operations for B&Q and Procter & Gamble, and also a number of wins including operations for Forticrete and Jack Wills. Our Mainland European business has started the year well and the Group continues to make good progress in developing our business pipeline with potential new customers.

Trading conditions remain challenging in certain areas, including containers where volumes have been lower than expected. We have also been impacted by the closure of Focus DIY, a long term customer of the Group.

The sale of the three European businesses, announced at the time of our preliminary results in June 2011, is progressing.

Wincanton announces the disposal of its remaining operations in Mainland Europe

15 August 2011

Wincanton plc ("Wincanton" or the "Group"), the leading provider of supply chain
solutions, today announces that it has signed a conditional agreement for the
disposal of its remaining operations in Mainland Europe (the "Disposal") to
Rhenus AG & Co. KG ("Rhenus") via the disposal of Wincanton's Mainland Europe
Holding Company.

The Disposal operations comprise Wincanton's German Intermodal and Contract
Logistic activities, which operate from 38 locations, and Wincanton's businesses
in France, which provide contract logistics and transport services and operate
from 30 locations. Collectively, these businesses employ approximately 3,000
employees who will transfer to Rhenus upon completion of the Disposal.

Consideration from the Disposal will be approximately EUR44m (pre transaction
costs). In addition, Rhenus will assume a net pension deficit of c.EUR30m
resulting in an enterprise value of EUR74m. The consideration will be payable in
cash upon completion of the Disposal. The Disposal will be implemented by way
of a share sale.

The transaction is subject to, inter alia, the approval of Wincanton's
shareholders and a circular outlining the terms of the Disposal, including a
Notice of General Meeting, will be sent to shareholders in due course. The
Disposal is also subject to anti-trust clearance and approvals. Wincanton will
be consulting with relevant employee representative bodies.

In the twelve months to 31 March 2011, these activities generated revenue of
approximately EUR558m, and operating profit of approximately EUR4.1m. At 31 March
2011 Gross assets were approximately EUR181m.

Completion of the transaction will mark the exit of all of Wincanton's Mainland
Europe activities. The net proceeds of the Disposal will be used to reduce net
indebtedness of the Group.

Eric Born, Chief Executive, Wincanton commented:

"The sale of our remaining businesses in Mainland Europe to Rhenus will enable
us to focus on developing our leading position in the UK market, where we have
greater scale and see significant potential for profitable growth. Rhenus has a
strong reputation in the European market and the addition of these businesses to
its portfolio will build on its leading position in intermodal services and
contract logistics. Over the next few weeks, we will work together to ensure
that service levels to our customers are maintained during the transition
period. I would like to personally thank all of my colleagues in these
businesses for their hard work and contribution to Wincanton over the years."

Been on a long journey South, seems to be on a recovery ?

DC - a reasonably upbeat(ish) recent Interim Management Statement - I haven't watched since last year - maybe worth a revisit!

One to keep an eye on skinny. Ps is there a next thread, cannot find one?

No - I would start one, but I'm not sure how much interest there would be on here for a £35 share.

I would have thought thats one for you s. lol.

I looked at it @£20 and thought it must be due a drop - wrong!

ouch.

Like ASOS. lol

NO - I wouldn't touch that with a barge pole - I don't understand it at all! Far safer to trade the DOW :-)

On a closer look, WIN looks quite good (chart wise).

Thanks skinny, been out this afternoon. Agree Asos.

Does not read well to me.

http://www.wincanton.co.uk/media/247573/wincanton_annualreport_2012.pdf

Still on the up :- +10% today.

Now on the 200ma +17.2% on the day.

with diesel prices rising rapidly why would you buy into this one?

Some may be looking to sell! :-)

Mind the gap(s) !

This is now looking very bullish.

And again.

Drop overdone today imo - good time to top-up/buy.

WIN .....WINCANTON

Added again here. Hit the support line
at 65p seen in October. Results next
monday off top of my head.

ROCE here very impressive up against
sector and market.

Yes some positive figures up against
sector and market.

RATIOS

Co. FTSE Sector Market

PER (pr) 4.31x 11.34x 12.42x
Dividend Yield (pr) % 4.29% 4.20%
PEG (pr) -0.12f 2.61f 0.62f
ROCE 72.88% 22.05% 4.85%

Chart showing SP on October support
line........

Numis still think these are
way undervalued...

26 Jul Numis Buy 64.63 90.00 90.00 Retains

90p SP target.

WIN WINCANTON

On a forward P/E of just 4.1
yes just 4.1 to 2013
cheap as chips.

RATIOS
2012 (A) 2013 (E) 2014 (E)

EBITDA £75.50m £60.45m £62.63m
EBIT £47.00m £35.20m £37.00m
Dividend Yield % % %
Dividend Cover x x x
PER 1.94x 4.11x 4.52x
PEG 0.02f -0.08f -0.49f

Moving up nicely. results monday.

Going like the clappers now.

WIN WINCANTON

Chart looks extremley positive.

Lower indicators are pointing to
upward momentum and a rising SP in
a very short period.

Results monday.

Trades on a forward P/E of just over 4
to 2013.

WIN WINCANTON

Results from last IMS (below) were very much
in line. Come monday on the results if
we get any smidgeon of positives from containers
and construction this should ADD to the ongoing SP
momentum going forward on top of the
new contracts secured with B@Q and
Morrisons in the last few months which
have secured a turnaround in the companys
fortunes.

The stock still trades on a forward P/E of
just over 4 going into 2013......

very cheap in fact way too cheap and
fantastic value.

Thursday 26 July, 2012


Wincanton Plc

Interim Management Statement


26 July 2012

Wincanton plc ('Wincanton' or the 'Group')

Interim Management Statement

Wincanton, a leading provider of supply chain solutions in the UK & Ireland,
today issues the following Interim Management Statement for the period from 1
April 2012 to the date of this announcement.

The Group has continued to trade in line with expectations.

During the period, Wincanton has continued with strong new business momentum,
securing an important win with Kiddicare to support their multi-channel growth,
a new contract with Rolls-Royce and shared user warehousing business with The
Retail People and Ella's Kitchen. Additionally, there have been new transport
contracts with CEMEX and Smyths Toys and key renewals with Dairy Crest,
AvantiGas, Neal's Yard Remedies and Superquinn.

The Retail sector continues to be competitive, despite that, the Company has
won new business with big retailers including Asda and Sainsbury's. The Company
has been especially pleased to receive customer endorsement of its operational
excellence and its agility to react to their demands.

The Group has continued to perform well in the Defence sector and in the
specialist Pullman and Records Management businesses. Market conditions
continue to impact volumes in the Containers sector and, while we have been
successful in winning new business, volumes in the Construction sector remain
depressed.

Eric Born, Chief Executive commented:

'We have started the year well and are on track to deliver our plan. Despite a
challenging economy, we continue to make good progress along our path to return
to sustainable profit growth.'

Ends

For further information, please contact:

Wincanton plc
Eric Born, Chief Executive - 01249 710 000
Jon Kempster, Group Finance Director - 01249 710 000
Buchanan
Charles Ryland / Jeremy Garcia / Catherine Breen - 020 7466 5000

WIN WINCANTON

IG Index Sentiment.

Client Sentiment....The percentage of IG clients who have long and short positions on this market. This is calculated to the nearest 1%.

100% of IG clients with open positions in this market expect the price to rise

0% of IG clients with open positions in this market expect the price to fall

11 – 50 IG clients have open positions in this market

Last Hour100% LongToday100% LongThis Week82% LongThis Month74%

WIN WINCANTON

ahhhhhhhhh just in Numis GO... BUY

08 Nov Wincanton PLC WIN Numis Buy 72.63 72.50 90.00 90.00 Retains

90p SP target.

results monday.

Forward P/E of just over 4 derd cheap.

Numis Buy rec today:

"....the shares have outperformed by 50% over the past three months, and a calendar 2013E EV/EBITDA of 6.5x is starting to look more respectable but we believe there is scope for a further re-rating if the current initiatives can start to provide evidence of platform from which to deliver sustainable profitable growth."

WIN WINCANTON

This stock is far far too cheap imo.

Just look at the forward P/E for 2013 and 2014.......

PER 4.55x 5.01x

Cheap as chips.

Wincanton PLC

FORECASTS 2013 2014
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Numis Securities Ltd
26-07-12 BUY 26.70 15.50 29.00 17.30
Investec Securities
31-10-12 HOLD 25.60 16.20 20.00 12.80

2013 2014
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 26.01 15.94 0.00 23.36 14.48 0.00
1 Month Change -0.00 0.00 0.00 -0.04 -0.02 0.00
3 Month Change 1.51 1.12 0.00 -3.59 -2.14 -3.00


GROWTH
2012 (A) 2013 (E) 2014 (E)

Norm. EPS 78.13% -52.68% -9.15%
DPS % % %

INVESTMENT RATIOS
2012 (A) 2013 (E) 2014 (E)

EBITDA £75.50m £60.45m £62.63m
EBIT £47.00m £35.20m £37.00m
Dividend Yield % % %
Dividend Cover x x x
PER 2.15x 4.55x 5.01x
PEG 0.03f -0.09f -0.55f

Hemscott Premium.

WIN tipped as a buy in 'Shares' today.

WIN WINCANTON

WIN gets a 'buy' from Numis today citing the recent contract wins with Morrison, B&Q, Rollsd Royce etc and says the shares could furtyher re-rate.

Results Monday.

Interims on monday 12 Nov should show the ongoing restructuring remains well on track. Its just their debt levels that put me off investing at the start of Aug, net debt of £114.5 million at the end of March 2012, down from the year before of £151.8 million. Im sure it has a good recovery potential, the sp climb has not been put off by the debt . Doing very well.

Half Year Results

Key Points

· Underlying performance of the Group has been positive with good wins assisting future growth, including the following within the retail sector
o Agreement with B&Q to support their multi-channel operations across the UK
o Five-year contract with Morrisons to operate its first ever dedicated UK convenience distribution centre in London
· Future growth continues to be supported by investment to develop product and service extensions
· Current trading in line with expectations

Financial Key Points

· Revenue £551.2m (2011 - £625.4m)
· Underlying operating profit £24.3m (2011 - £22.3m)
· Underlying profit before tax of £17.1m (2011 - £14.2m)
· Profit before tax £13.0m (2011 - £13.6m loss)
· Underlying earnings per share 10.6p (2011 - 9.0p)
· Basic earnings per share 8.0p (2011 - 9.0p loss)
· Net debt £123.0m (£114.5m at 31 March 2012)

WIN WINCANTON

Excelent results, far exceed
expectations at this time in their
restructuring recovery.

Eric Born, Chief Executive commented:

"The first six months of the current financial year reflect the progress the Group has made over the last 18 months. Our strategy to achieve a clear leadership position in the UK & Ireland supply chain market continues to gather momentum and our recent new business successes are a clear indication of how this is now delivering tangible results".



"Our new business pipeline remains healthy and we continue to be successful in securing significant levels of customer contract renewals. We remain acutely focused on margin growth and free cash flow generation."

WIN WINCANTON

Outlook



The Board is pleased to report that Wincanton continues to perform satisfactorily and in line with expectations.



We continue to work alongside our valued customers to provide the excellent operational service delivery and value proposition they expect. The renewal of existing contracts remains a priority and will continue to underpin our success. The Group also remains focused on pursuing opportunities to further assist our existing and new customers within the wider supply chain arena.



We are encouraged to see further new contract wins that will assist the Group over the next 18 months and have seen some initial opportunities to expand the product and service range to our traditional customers and also other groupings, such as mid-tier retailers.



Whilst the challenge is undoubtedly greater against the current economic environment, many of the actions already underway throughout the Group will enable us to take advantage of any market upturn and we expect to make further progress in the remainder of the year

Interim Management Statement

Interim Management Statement

Wincanton, a leading provider of supply chain solutions in the UK & Ireland,
today issues the following Interim Management Statement for the period from 1
October 2012 to 7 February 2013.

The board is pleased to report that Wincanton continues to trade in line with
market expectations.

The Contract Logistics business has performed robustly across all sectors in
what continues to be a challenging economic climate and has secured a number of
new contracts and renewals including those with Global Garden Products and a
major FMCG company. During the second half of the year, the Contract Logistics
business will have also completed the implementation and commenced operations
at three new distribution centres for retail grocery customers.

Within Wincanton's Specialist businesses, another strong performance in our
Records Management division has, in part, been offset by lower volumes in our
Containers division.

There has been no significant change to the general financial position of the
Group from that disclosed in the Half Year results announcement for the
six-month period to 30 September 2012.

Ends

Looking good today, a real bounce. I like the paragraph about them working with Morrisons for the development of their convenient store network............will it lead to a move over Ocado shock???????

This will hopefully be the start of a re-rating. They remain on target to make EPS of almost 18p at 55p looks a bargain. Results in June.....

If they can get to £1 and then have a rights issue to clear the debt....dream .........

A bit of strength again, good stuff on a bad day.

Stobart need to get their arses into gear or else they'll miss this gem and they need it........

One Stobart for each Wincanton would have looked good when they were almost half the price now at almost three quarters they need to get moving..........

Contract extension........

http://www.investegate.co.uk/wincanton-plc--win-/rns/contract-renewal/201305210700081457F/

REG - Wincanton PLC - Contract Renewal21 May 2013 - 07:00

For best results when printing this announcement, please click on the link below: http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130521:nRSU1457Fa RNS Number : 1457F Wincanton PLC 21 May 2013 For Immediate Release 21 May 2013 Wincanton PLC ('Wincanton' or the 'Group') Contract Renewal PERNOD RICARD UK CONTRACT SUCCESS FOR WINCANTON Five year renewal takes partnership beyond the 20-year milestone Wincanton PLC, a leading provider of supply chain services in the UK & Ireland, announces today that Pernod Ricard UK, part of the Pernod Ricard Group that is co-leader of the global wines and spirits industry, has awarded a five year warehousing and distribution contract for its UK warehousing, repacking and customer delivery transport operations. The contract, a renewal, builds on the strong partnership between the two businesses that stretches back to 1995 and will take the relationship well beyond the two decades milestone. One of the world's leading producers of distilled beverages, Pernod Ricard owns well-known premium brands including Absolut, Chivas, Jameson, Campo Viejo and Jacob's Creek. In addition to its day-to-day operations, Pernod Ricard UK is a major sponsor of UK and global sporting events, including Formula 1 and Wimbledon. As part of the contract renewal Wincanton will handle in excess of 7 million cases annually from its HMRC-approved bonded facility in Corby, Northamptonshire, where the team will also be responsible for: · The labelling (duty stamping) of individual bottles · The repackaging of bottles to facilitate pack size changes · Product customisation, including repackaging into gift boxes and application of neck tags to bottles · Building of point of sale display units Wincanton's CEO, Eric Born commented: "This contract renewal takes our partnership with Pernod Ricard UK to beyond the 20 year mark which is a tremendous achievement. It underlines our ongoing commitment to continuous improvement and seeking to unlock further potential in our customers' supply chains." Commenting on the five-year contract renewal with Wincanton, Phil Corfield, Operations and IT Director at Pernod Ricard UK, praised Wincanton's "excellent customer care". He said: "We've built our reputation on trust and transparency, both with our customers and business partners, and since 1995 Wincanton has consistently shown itself to be an organisation that shares these values. "Throughout our relationship, we have welcomed the Wincanton team's commitment to adding value and finding even more efficiencies in our supply chain through use of the latest technologies and processes." Ends. For further information please contact: Wincanton plc Eric Born, Chief Executive 01249 710 000 Adrian Colman, Group Finance Director Buchanan Jeremy Garcia / Gabriella Clinkard 020 7466 5000 www.buchanan.uk.com Editor's notes About Pernod Ricard UK Pernod Ricard UK is part of the Pernod Ricard Group, co-leader of the global wines and spirits industry. Globally, Pernod Ricard now represents 91 million cases of spirits and 25 million cases of wine, and owns 19 of the world's top 100 brands. Pernod Ricard UK has identified the following key brands in the UK market: ABSOLUT, Brancott Estate, Campo Viejo, Chivas Regal, G.H. Mumm, Havana Club, Jacob's Creek, Jameson, Malibu, Martell, Pernod, Perrier-Jouët and The Glenlivet. Pernod Ricard UK is a member of The Portman Group promoting responsible drinking. This information is provided by RNS The company news service from the London Stock Exchange© Thomson Reuters Limited. Click for restrictions

Preliminary Announcement of Results

Highlights

· Underlying operating profit increased by 6.2% to £46.5m (2012: £43.8m)
· Further progress in winning higher margin and technology supported contracts
· Increase in operating margin from 3.6% to 4.3%
· Successfully supported London 2012 Games as a key logistics provider
· Delivered important start-up operations and ongoing services in particular for retail convenience store logistics
· Solid performance on new business wins and renewals in tough market place
- new customers include LOCOG and Tilda
- new areas of work for existing customers including Morrisons, the NHS, CEMEX, Rolls Royce, Sainsbury's, BAE Systems and Valero
· Net debt reduced by £6.9m to £107.6m (2012: £114.5m)

Somebody has bought at 80p, something feels to be going on here........About time!

Hit a £1 now

Half year results 07 November

3 year high today @127.75p

IMS due next month - approaching a double top.

ARGOS CONTRACT WIN FOR WINCANTON

Wincanton plc ("Wincanton" or "the Group"), a leading provider of supply chain solutions in the UK and Ireland has been awarded a three-year repair and maintenance contract by Argos, one of the UK's largest High Street retailers, for its fleet of HGVs.

The contract for Wincanton's commercial vehicle specialist Pullman Fleet Services (Pullman), sees the business deploying nation-wide repair and maintenance solutions for around 1,500 vehicles and trailers, operating from seven locations spread across the UK, from Glasgow to Somerset.

A network of over 30 service centres and more than 150 mobile service vans makes Pullman the UK's largest independent provider of commercial vehicle maintenance services, a crucial factor for Argos, which has 740 stores across England, Scotland and Wales.

3 year high @146p

Trading Update

Wincanton, a leading provider of supply chain solutions in the UK & Ireland, today issues the following trading update ahead of preliminary results for the year ended 31 March 2014.

The Board is pleased to report that Wincanton continues to trade in line with expectations.

Wincanton has seen solid levels of activity from its Contract Logistics business and that the recovery in the UK construction sector, highlighted in the February Interim Management Statement, continues to be reflected in its Construction volumes. The Group's Specialist Businesses, Pullman Fleet Services and Wincanton Records Management continue to trade in line with expectations whilst volumes in the Containers business remain broadly flat.

As first announced in October 2013, the Group proposed to close the Wincanton Defined Benefit pension scheme (the 'Scheme') to future accrual. The consultation period with affected employees and their recognised representatives has now concluded, closing the Scheme to all future accrual. The vast majority of the former active members of the Scheme, approximately 7.0% 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.

Wincanton will announce preliminary results on Thursday 5 June 2014.

Preliminary Results

Highlights

· Revenue growth of 1.1% underpinned by a strong programme of renewals and new wins delivered across all sectors
- WH Smith and Valero renewed for 3 and 5 years respectively
- Warehousing operations and transport for new market entrant Williams-Sonoma, Inc
· Underlying operating profit increased by 6.0% to £48.0m (2013: £45.3m)
· Increase in underlying margin from 4.2% to 4.4% driven by ongoing cost reduction measures across the organisation
· Future pension risk reduced with closure of defined benefit pension scheme to future accrual with effect from 31 March 2014
· Pension deficit reduced by £37.8m to £110.9m at 31 March 2014 (2013: £148.7m)
· Net debt reduced to £64.9m (2013: £107.6m). Average net debt reduced by £33m from £201m to £168m

Back above the 200ma.

Agreement of New Bank Facility


Wincanton, a leading provider of supply chain solutions in the UK and Ireland, is pleased to announce that it has refinanced its main banking facility for a further five year term through to June 2019, supporting the Group's medium term funding requirements.

The refinancing comprises a new £170 million facility with improved pricing for the Group. This facility is provided by HSBC, RBS, Barclays, Lloyds and AIB. Taking into account the Group's other financing arrangements, Wincanton has committed facilities available of £300m in total.

Interim Management Statement

Wincanton, a leading provider of supply chain solutions in the UK & Ireland, today issues the following Interim Management Statement for the period from 1 April 2014 to the date of this announcement.

The Board is pleased to report that Wincanton continues to trade in line with expectations.

As anticipated, the performance of the UK and Ireland economies has remained consistent with that experienced in the second half of the prior year. The UK construction industry continues to perform well, however in other sectors in which the group operates, despite the economic conditions being more benign, we continue to see competitive pressure in our marketplace as our customers retain a tight focus on their costs.

Within Contract Logistics, the Group has been awarded a number of new business wins including a new multichannel contract for nationwide warehouse and distribution services by Loaf.com, the UK's fastest-growing homeware company. The Group also signed a four year contract in the construction sector with Marley Eternit to distribute cladding materials and a three year contract to provide transport services to Halo Foods. In addition, the Group has signed a three year extension of our long standing partnership with Britvic to operate their automated national distribution centre. Within Specialist Businesses all businesses continue to perform in line with expectations.

On 19 June 2014, the Group announced the refinancing of its main banking facilities for a further five years through to June 2019, supporting the Group's medium term funding requirements. The refinancing comprises a new £170 million facility providing the Group with committed facilities of £300m in total.

There has been no significant change to the general financial position of the Group from that disclosed in the results announcement for the year ended 31 March 2014.

Eric Born, Chief Executive commented:

"Wincanton has traded well in the first part of the year following on from the good performance delivered in the last two years. The new business wins and renewals in the year to date show our continued ability to add significant value to our customers' logistics and supply chain operations.

We were pleased to conclude the refinancing of the Group's main bank facilities which provides a strong platform to support growth over the next five years and further extends the maturity profile of the Group's debt.

We have now developed a solid platform and will continue to progress along our path to focus on renewals, new contract wins, operational excellence and free cash flow generation to reduce our overall debt position."

WIN.WINCANTON breakout on the chart yesterday, trades on a PRESENT P/E of just 6.3 Lower fuel prices will go to bottom line.

WINCANTON BROKER VIEWS

Date Broker Recommendation Price Old target price New target price Notes
10 Nov Liberum Capital Buy 0.00 200.00 200.00 Reiterates
06 Nov JP Morgan Cazenove Overweight 0.00 170.00 201.00 Reiterates
05 Nov Investec Buy 0.00 160.00 160.00 Reiterates
05 Nov Numis Buy 0.00 185.00 185.00 Reiterates

Looking for a positive start fingers crossed after breakout yesterday.

Off to a flyer 3%+

WIN looks far to cheap to me from this Broker forecasts table for fundies.

Forward P/E of 9.2 2015 going to 8.6 2016........derd cheap.

I think earnings will increase due to low oil prices and those P/Es will fall even further.


Wincanton PLC

FORECASTS


2015 2016
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Investec Securities
07-11-14 BUY 28.00 16.63 30.10 17.97
Numis Securities Ltd
05-11-14 BUY 28.90 17.00 30.30 17.80

2015 2016
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 28.45 16.81 30.20 17.89
1 Month Change 1.66 0.50 1.42 0.28
3 Month Change 1.66 0.51 1.42 0.28

GROWTH
2014 (A) 2015 (E) 2016 (E)

Norm. EPS 8.58% 84.34% 6.39%
DPS % % %

INVESTMENT RATIOS
2014 (A) 2015 (E) 2016 (E)

EBITDA £61.10m £64.55m £66.30m
EBIT £41.40m £49.60m £51.30m
Dividend Yield 0.00% % %
Dividend Cover x x x
PER 17.05x 9.25x 8.69x
PEG 1.99f 0.11f 1.36f
Net Asset Value PS -292.00p p p

02
February
2015
Supacat
contract
win
for
Wincanton


Supacat, an innovative engineering and design company, has awarded a contract to Wincanton, a leading provider of supply chain solutions, to provide logistics support in the UK.

For over 30 years Devon-based Supacat has produced specialist vehicles for both military and civilian customers, earning a reputation as the market leader for developing all-terrain, high-mobility vehicles.

Following a significant period of growth, during which the company has won new defence sector contracts, Supacat decided to engage the expertise of a third party logistics partner to run its production warehouse operation in Dunkeswell.

“We pride ourselves on our skills, experience, dedication and focus in this most demanding of sectors and required an effective logistics partner that could help us meet these challenges,” said Nigel Down, Head of Operations at Supacat.

“We knew Wincanton to be one of the leading logistics experts in the defence sector and, after visiting their existing operations and seeing first hand their professionalism and commitment to operational excellence, it became clear that this was the ideal partner to support our own vehicle production operations.”

The first company to ever be awarded a prestigious SC21 (Supply Chains in the 21st Century) Gold Award for its defence team, Wincanton has a long and distinguished track record for delivering innovative and agile solutions to some of the sector’s leading names.

The contract will see Wincanton run the warehouse operations for Supacat’s latest production of Extenda High Mobility Transport vehicles. This activity will include receiving deliveries, running the warehouse and ensuring stock accuracy, and
taking responsibility for kitting assemblies each month to enable Supacat’s challenging production schedule during 2015 and 2016.

Chris Kingshott, Managing Director for manufacturing at Wincanton, said: “As a direct supplier to the military, Supacat has to have the highest possible standards when it comes to the quality of its products.

“Over many years supporting production activity for a wide range of defence-focused customers we have embedded those same effective principles into our own operations, and look forward to deploying industry best practice and unlocking potential to support Supacat’s continued growth.”

Preliminary Results

Trading Update

Wincanton, a leading provider of supply chain solutions in the UK & Ireland, today issues the following trading update ahead of preliminary results for the year ended 31 March 2016.

The Board is pleased to report that the trading performance of the Group, as adjusted for the disposal of Records Management, continues to be in line with expectations as set out in the Half Year results announcement released on 12 November 2015.

Having completed the disposal of the Records Management business on 8 December 2015, £50m of the Group's £75m M&G debt has been repaid, resulting in a corresponding reduction in the level of average net debt and financing costs in the last quarter of the financial year. As planned, we have also utilised our Revolving Credit Facility to repay £34m of US Private Placement debt on its maturity. The Group also paid a contribution of £7m to the Wincanton Pension Scheme from the proceeds of the disposal of the Records Management business, bringing the total contributions to the scheme to approximately £21m in the year.

The preliminary results for the year ended 31 March 2016 will be announced on 9 June 2016.

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