Wincanton has issued a trading update ahead of preliminary results for the year ended 31 March 2016.
The Wincanton Board has reported that the trading performance of the Group, as adjusted for the disposal of Records Management, continues to be in line with the expectations as previously set out in the Half Year results announcement released on 12 November 2015.
According to the announcement, the company completed the disposal of the Records Management business on 8 December 2015, £50m of the Group’s £75m M&G (an asset management company) 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. In accordance with previously announced plans, Wincanton has also utilised the 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.