WYNNSTAY GROUP PLC Final Results

Wynnstay continues to perform well and pre-tax profits and revenues for the year stand at record levels. This pleasing achievement is underpinned by the broad spread of our agricultural activities and reflects both the organic and acquisitive development of the business. 

Key Points

• Results at record level
• Revenue up 9% to £375.78m (2011: £346.18m)
• Group pre-tax profit* up by 13% to £7.82m (2011: £6.94m)
• Earnings per share up 16% to 34.99p (2011: 30.23p)
• Net assets at 31 October 2012 up 10% to £56.83m (2011: £51.70m)
• Proposed final dividend of 5.65p, taking total for the year to 8.50p, a rise of 9% (2011: 7.80p)
• Agricultural division – revenues up 8%  to £295.19m, operating profit up 23% to £4.71m, helped by:
  – full year contribution from GrainLink
  – strong demand for feed
• Specialist retail division – revenues up 13% to £80.47m, operating profit up 5% to £3.90m
  – Wynnstay Stores, geographic reach extended through new store additions
  – Just for Pets, two new outlets opened, taking total to 21 stores
• Board remains positive about prospects in new financial year
• – Group well positioned financially, with low gearing and good cash generation

 

*Group pre- tax profit includes the Group’s share of pre-tax profits from joint ventures and associate investments

Ken Greetham, Chief Executive, commented,

“Wynnstay continues to perform well and pre-tax profits and revenues for the year stand at record levels. This pleasing achievement is underpinned by the broad spread of our agricultural activities and reflects both the organic and acquisitive development of the business. 

Over the year, we acquired a number of small agricultural supplies businesses, further expanded our Just for Pets chain and established FertLink, a joint venture fertiliser business. These moves will help to support ongoing growth and also extend Wynnstay’s geographic reach into Oxfordshire and Gloucestershire.

Wynnstay has for some time been an active participant in agricultural consolidation. As part of our growth plan, we will continue to acquire businesses which fit our model whilst also developing Wynnstay organically. The Group has a strong financial base from which to grow, with low gearing and good cash flow.  Our broad base continues to be a major factor in providing sustainable returns for all stakeholders in the business and I have confidence that our Group will continue to develop over the coming years.”