Incanton’s annual profits will exceed expectations, the logistics company said on Wednesday, revealing a new warehouse rental that will help it significantly boost e-commerce work.
The company, which provides storage and distribution services, is among companies that have benefited from high demand for space and deliveries during the pandemic. Many retailers have tried to cope with an increase in online orders.
In addition to the growth in volumes in its e-commerce division, Wincanton added that there has been a surge in public sector activity, such as the storage and distribution of Covid-19 test kits.
The Group’s underlying revenue in the fourth quarter increased by 15%.
The company now expects pre-tax profits for the year ending March 31 to be above the £ 45.4million analysts expected.
Stocks gained 16.2p to 387.22p.
Wincanton has also said it will lease a state-of-the-art 528,000 square foot distribution center in Northamptonshire.
Managing Director James Wroath said, “This serves as a marker of our ambitions to capitalize on the growth opportunities presented by the growing prominence of online shopping.”