STOCK WATCH

WINCANTON warned its profit would be ‘materially lower’ than hoped after the tax office pulled the plug on a lucrative contract.

The logistics firm signed a five-year contract in 2019 with HM Revenue and Customs to operate sites to check inbound shipments but HMRC has decided that it will employ another supplier.

It now expects profit for the 12 months to the end of March 2024 to fall short of the £63m pencilled in by analysts. Shares fell 27pc, or 87.5p, to 223p.