Wiltshire logistics giant Wincanton has seen its losses double following its departure from the London Stock Exchange, as a decision regarding its acquisition by GXO remains pending.
The Chippenham-based firm reported a pre-tax loss of £44.9m for the first time in more than 20 years for the year ending 31 March, 2024.
This marked the company's first pre-tax loss since it was listed on the London Stock Exchange in 2001. However, recent accounts filed with Companies House show that Wincanton's pre-tax loss deepened to £88.4m in the remaining nine months of 2024.
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The company's revenue reached £1.4bn in the 12 months to March 2024 and £1.1bn in the last nine months of the year. Wincanton was taken private in January 2024 after being acquired by US firm GXO in a deal valued at £762m.
However, the Competition and Markets Authority (CMA) initiated an investigation into the acquisition just a month after the deal was confirmed, and a decision is yet to be announced. In April this year, the CMA extended its deadline for making a final decision by another two months.
This followed the watchdog's statement in November 2024 suggesting the takeover could result in higher prices for business customers in the 海角视频.
In February this year, the CMA indicated that the deal is likely to diminish competition and increase costs for supermarkets restocking shelves, as reported by .
Wincanton has disclosed that its pre-tax loss was propelled by non-underlying charges amounting to £123m.
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The company outlined that these charges encompassed expenses linked to the acquisition by GXO, an impairment of one of its multi-user sites along with an "associated onerous provision" for contracts functioning within that site, and "other non-underlying charges".
Presently, Wincanton is being maintained as an independent entity from GXO pending a decision from the CMA.
The regulatory body, the CMA, is anticipated to deliver its verdict on or before 25 June.
The news follows an announcement this week that Wincanton has opened a huge new warehouse in Weston-super-Mare dedicated to Hinkley Point C. It is the company's sixth for the nuclear project and will create up to 70 jobs.