27th Jan 2021 13:07
Wynnstay Group PLC - Powys, Wales-based agricultural products firm - Increases its dividend payout for its financial year ended October 31 to 14.60 pence per share, up 4.3% from 14.00p the year prior. This is as it reports a 22% year-on-year rise in pretax profit to GBP438,000 from GBP360,000 despite revenue falling 12% to GBP431.4 million from GBP490.6 million.
Says revenue was hurt by commodity deflation and reduced volumes in certain traded commodities, particularly grain. Manufacturing, distribution and selling costs were down to GBP46.0 million from GBP48.2 million.
Looking ahead, Chief Executive Gareth Davies says: "The new financial year has started well, and Wynnstay's performance is in line with management expectations. Stronger farmgate prices, the EU settlement and UK Agricultural Bill continue to buoy sentiment across the farming sector. We believe that Wynnstay is in an excellent position to help farmers adapt to new priorities set by the Agricultural Bill, and look to the future with confidence".
Current stock price: 375.00 pence
Year-to-date change: up 11%
By Ife Taiwo; [email protected]
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