Wincanton has met its financial expectations for the year ending 31 March and a new three-year logistics deal with Comet is leading the way for a healthy business pipeline.

The logistics giant today confirmed in a trading update that its performance was in line with management expectations for the year to 31 March. As revealed in February, the firm says it is continuing with a UK cost-saving programme to boost profit and make it more competitive.

Contract renewals during the period include BP and plastic pipe manufacturer Wavin.

Meanwhile, the operator says it is pleased with trading in the current financial year, announcing a three-year contract to become Comet's sole UK transport and warehousing partner. The deal expands on a 12-year partnership between the companies.

Eric Born, Wincanton chief executive, says: "We are confident of further key renewals later in the year, and can report a healthy new business pipeline."