Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Wincanton announced Wednesday that it has won a five-year contract with fashion retailer Primark, resulting in a slight boost for ts shares.
The deal is for the provision of transport services to all its UK stores.
Under the contract, which begins early next year, Wincanton will make more than 50,000 deliveries to 191 stores across the UK each year, stating that they will “deliver significant operational efficiencies to the supply chain.”
In addition, Wincanton and Primark told investors they will reduce carbon emissions by decreasing the distances travelled by HGVs by 15% and expanding their use of alternative fuels.
James Wroath, CEO at Wincanton, said: “This significant contract win will see Wincanton delivering innovative operational efficiencies, reducing carbon emissions and helping Primark better serve their customers throughout the UK. It shows the strong momentum within our business, as we continue to build on new and existing partnerships with customers in our primary markets.”
At the time of writing, Wincanton's stock price has gained 1%, climbing to 368p per share.
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