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Focusing on Our Customers This Has Been Another Year of Progress for Wincanton

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Focusing on Our Customers This Has Been Another Year of Progress for Wincanton Annual Report and Accounts 2014 Focusing on our customers This has been another year of progress for Wincanton. We have delivered revenue and profit growth in the year, reduced net debt and executed against our strategy. We remain committed to innovative solutions that maximise our efficiency and create greater value for all our customers. Strategic report Governance Highlights of the year 1 Board of Directors 34 Marketplace 2 Corporate governance report 36 Our business 4 Directors’ remuneration report 42 Business model 6 Remuneration policy 43 Strategy 8 Annual report on remuneration 48 KPIs 9 Directors’ report 56 Chairman’s review 10 Independent auditor’s report 58 Chief Executive’s statement 11 Case study: Keeping home Accounts delivery vehicles on the road 14 Accounts 60 Case study: Leading the Additional information 95 convenience sector 16 Shareholder information 96 Case study: Supporting a new market entrant 18 Case study: Enabling dynamic growth 20 Corporate responsibility 22 Financial review 26 Risk 32 Find out more: www.wincanton.co.uk Strategic report Governance Accounts 1 Highlights of the year Another year of progress Financial highlights Revenue Underlying EBITDA Underlying operating profit £1.1 bn £63.4 m £48.0 m +1.1% +1.4% +6.0% Underlying profit before tax Underlying EPS Net debt £25.6 m 16.6 p £64.9 m +20.2% +24.8% −39.7% Operational highlights > Winning new business We have again won important > Taking market leadership The UK’s largest independent new contracts in several markets, including the rapidly- provider of repair and maintenance services for growing retail convenience sector where we are logistics commercial vehicles, Pullman is now the established partner of choice for Morrisons as they continue their market leader in home delivery vehicle maintenance. M Local convenience store roll out. > Broadening our relationships with key customers > Renewing existing contracts Our relentless focus The year saw us continue to enhance and extend on adding value has seen us renew contracts across all relationships with established customers such as sectors, taking our relationship with WHSmith to over Asda and Argos. 20 years and extending our co-packing and container > Establishing broader solutions While traditional operations for Procter & Gamble. fuel services focus on delivery only, we have created > Creating new partnerships Retail is a key market sector, a customer service team for Valero which also takes and one where we continue to gain new customers responsibility for all planning and scheduling activities. including Williams-Sonoma, Inc, the leading US furniture > Improving efficiency We have continued to enhance retailer. We are providing solutions as their logistics partner the efficiency of our operating model across our three for their entry into the UK market. main asset pools: people, property and fleet. > Building on our construction strengths We offer construction customers an unparalleled service and during 2013/14 won new work from existing customers including Marley Eternit and CEMEX. Wincanton plc Annual Report and Accounts 2014 2 Strategic report Marketplace Realising potential in a dynamic environment Washing machines and wallpaper, bread and jeans, laptops and diesel... almost everything you buy for your home and workplace passes along a complex supply chain. In many cases that supply chain is operated and managed by Wincanton. Drivers of outsourcing: > Allows companies to focus on their core > Enables customers to offer new, faster and areas of expertise improved levels of service > Delivers efficiencies, better productivity > Provides access to a wide range of specialist and reduced costs through the use of expertise not available in-house specialist providers A stable market bn bn 50% £ Wincanton1.1 2013/14 revenue£ Total supply36 chain logistics 50% of supply chain activity expenditure in the UK is outsourced (£18bn) UK economic growth Logistics will have a key role to play in supporting the UK economy as it returns to growth 2.6% 2.4% 1.7% 2013 2014 2015 Wincanton market share Wincanton is one of three supply chain logistic providers recording >£1bn in revenue in the UK Wincanton £1.1bn revenue Other two providers with >£1bn Other companies/in-house Strategic report Governance Accounts Marketplace 3 Creativity happens every day in supply chain – be it around sourcing, logistics, warehousing or technology. Retail Week’s Supply Chain report A stable market While the outsourced proportion of the addressable market has been The supply chain logistics market in the UK is estimated at £36bn of relatively stable, the range and nature of services expected by our expenditure. It is a recognised barometer for the UK economy due to the customers is evolving at speed. The e-tail revolution fuelled by the change key role it plays in feeding and transporting manufacturing output and in consumer behaviours continues to drive growth and present challenges supporting the retail market in the UK. The UK recovery is gathering pace, to suppliers, retailers and logistics providers alike, as companies look to with ONS data showing that the UK economy grew 1.7% in 2013 and while develop multichannel operations to deal with the rapid growth of mobile- we are clearly in the early stages of a recovery, the CBI forecasts continued commerce sales. This provides a range of opportunities for companies growth of 2.4% in 2014 and 2.6% in 2015. such as Wincanton to provide rapid response supply chain solutions with longer term value add to meet changing consumer requirements. Activity in most sectors of the logistics market is intertwined with the consumption of materials and products which is closely correlated to The change in consumer behaviour is affecting other areas of the retail macro-economic trends, and is therefore expected to grow broadly in line sector too. As customers looked to control their finances and reduce waste with GDP. Approximately 50% of supply chain activities are outsourced, and during the economic downturn, adopting a ‘little and often’ approach, this overall proportion has been relatively stable in recent years. Within the grocery shopping habits have been transformed. This has seen the UK outsourced logistics market only three supply chain providers record dramatic growth of convenience-store formats as consumers’ perception annual revenue in excess of £1bn. One of these is Wincanton. of value changes and is no longer focused solely on cost. With the overall convenience channel set to grow by 30% over the next five years, retailers Against the backdrop of a subdued UK economy, logistic providers are continually looking how to differentiate themselves through the played a key role in helping customers redefine their supply chain; provision of additional services, food-to-go and a greater community focus. delivering innovation and cost efficiency improvement programmes becomes business as usual in retaining customers. Trends, challenges and opportunities There are positive indicators that the manufacturing sector is showing During the year, the bi-annual UK Logistics Conference Index* identified growth while the construction sector, one of the hardest hit by the a number of trends, challenges and opportunities for our sector, economic downturn, is looking to recover to pre-financial crisis levels many of which are closely aligned with our strengths and strategy. in 2014. Construction is growing at its fastest rate for six years, led by an Confidence across the logistics industry continues to rise, with around increase in domestic house building, an area of strength for Wincanton. 80% of respondents anticipating that both revenue and profitability With the UK recovery gathering pace, there is a strong emphasis on will improve in 2014. Increases in government and consumer spending innovation and creativity to deliver future growth. This view is further are regarded as the actions most likely to further boost the sector. supported by the Freight Transport Association’s (FTA) annual Logistics Government support and investment is likely to drive momentum in Report, which identifies four trends currently impacting customers: construction, a key sector for Wincanton, with increased consumer t managing the profitability of the total supply chain; spending generating greater activity across the retail sector. t reducing overall supply chain costs; Over half of those surveyed see winning customers from competitors t meeting increasing customer requirements; and as the most likely source of new business, while a third expect to grow via new business from existing customers. Our investment in increased t preparing supply chains for handling volume flexibility both up and down. marketing activity has already led to new customer contracts. At the same time, we have an excellent track record for both retaining contracts and These areas are top priorities for logistics providers; no longer is the supply extending the services we provide to existing customers. Efficiency gains chain a simple back office function, it is increasingly seen as an area of remain an important focus for many, with over a quarter citing the greater differentiation, a view supported by Retail Week’s Supply Chain report use of technology as a potential platform for cost savings. Again, this “Creativity happens every day in supply chain – be it around sourcing, trend reflects our own strengths: we provide in-house technology and logistics, warehousing or technology.” As a logistic provider’s people and systems platforms
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