Q1 trading is in line with market expectations. Management has also reaffirmed confidence in the full year consensus estimate for £50.4m of adjusted PBT (Zeus: £49.6m). More importantly, WIN’s new strategy to offer more end-to-end logistics solutions for customers, thereby lifting margins, is showing early positive results. There is some turbulence in our revenue estimates as the old basic transport activity drops out. Given that margins here were painfully thin, our profit and cash numbers are ....
