DESPITE uncertain markets and restructuring, distribution company Wincanton, which has three major sites in and around Swindon, has reported a strong performance for the year ended March 31.

Turnover was up 3.3 per cent from £721.8 million to £745.6 million, with pre-tax profits up 17.8 per cent from £21.9 million to £25.8 million.

Graeme McFaull, managing director, Consumer Logistics, said: "Swindon is important to Wincanton.

"We have three major clients in the area WH Smith, Woolworths and Safeway and look to build on these long-established relationships further.

"The town's position on the M4 corridor, and its access to the motorway network, means it is of strategic importance as it is well positioned to service our clients' operations both regionally and nationally"

On the downside, the region incurred operating exceptional costs of £0.4m due to redundancy and related costs following the closure of the Chippenham consolidation depot in January.

This charge was in addition to the £1.5m provided in the year ended March 31, 2001 on the announcement of the closure plan.

Chas Lawrence, Wincanton's chief executive said: "This was another year of strong operational and financial performance.

"Existing contracts provided a good platform for growth and new business momentum was sustained throughout the year.

"A wide range of solutions, varying in size, complexity and capital intensity, were successfully delivered for customers.

"The new financial year has got off to an encouraging start and we are confident that we will see another year of good progress."

Wincanton achieved a strong financial performance in its first year as an independently listed company.

A 10.8 per cent increase in operating profit to £29.7m represents another year of profit progress to add to the company's record of organic growth.

Return on capital employed improved further in the year to 26.4 per cent and a £22.8m reduction in net debt was achieved.

Mr Lawrence said: "Our strong financial performance was delivered against a background of economic uncertainty.

"Wincanton's ability to continue to perform in such circumstances provides ample evidence of the quality of our people, the creativity of our solutions and the operational excellence with which these solutions are delivered."