Haulage firm Wincanton suspends dividends
Shares in Wincanton fell 8.5p to 102p after it slumped into the red and said it would suspend its dividends to cut debt.
The haulage firm plans to further reduce borrowing through the £41.5m sale of three businesses on mainland Europe, including its German Road arms in central and Eastern Europe and logistics operation in the Netherlands.
New boss Eric Born said: 'Our objective is to reduce our overall debt, thereby creating flexibility to reinvest in areas of growth and higher returns.'
Wincanton swung to full year pre-tax losses of £25.9m from profits of £3m.
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