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IN BRIEF: Wynnstay Group lifts interim dividend despite profit fall

3rd Jul 2023 11:22

Wynnstay Group PLC - Powys, Wales-based agriculture supplies - Posts revenue of GBP409.1 million for six months ended on April 30, up 22% from GBP335.7 million a year before. Commodity price inflation accounts for estimated GBP48 million of the rise. Pretax profit is down 44% to GBP5.8 million from GBP10.4 million, as operating profit drops to GBP5.5 million from GBP10.4 million the year before. The year-earlier results included a one-off fertiliser stock price gain, Wynnstay explains. Declares interim dividend of 5.50 pence per share, up 1.8% from 5.4p a year prior. Looking ahead, expects to achieve its underlying growth objectives for the financial year although pressures remain.

Chief Executive Gareth Davies says: "The group performed well against softer trading conditions compared to last year and underlying performance is in line with our expectations. The extraordinary one-off gains of last year, generated by escalating fertiliser prices, were absent. Instead, our fertiliser blending operation at Glasson contended with a sharp reversal in the price of fertiliser back to the pre-exceptional and more sustainable levels of late 2021, which created one-off adverse stock realisations."

Current stock price: 463.24 pence each, down 2.0% on Monday morning in London

12-month change: down 25%

By Xindi Wei, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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