The management team at European supply chain solutions provider Wincanton has indicated that cost-saving and reducing the group’s debt are priorities in the year ahead.
An interim management statement from the business said that financial results for the year to March 31st 2011 are expected to be in line with current expectations, although it has been a challenging marketplace in the last four months.
Wincanton’s UK and Ireland operation continues to “deliver high value”, but additional cost savings are required from the British arm of the business in order to ensure the group remains competitive.
Earlier this week the group renewed its exclusive logistics deal with Mattel, meaning it remains the global toy manufacturer’s sole distributor in the UK.
A restructuring process has already commenced in France with the goal of reducing the cost base and the company is targeting “a break-even position” in the near term.
Eric Born, who was recently appointed CEO of Wincanton following the departure of Graeme McFaull, commented: “Our operations continue to deliver excellent service and are highly valued by our customers.
“The board is actively addressing a number of challenges facing the group and we will invigorate our business proposition in order to drive profitable growth across the market segments we serve.”