22nd Nov 2018 10:57
LONDON (Alliance News) - Wynnstay Group PLC on Thursday said it anticipates profit for its year to the end of October to exceed current market expectations, thank to a strong final quarter.
The agricultural supplies company said trading in both the Agriculture and Specialist Retail divisions has continued strongly in the second half of its financial year.
Wynnstay now expects to report annual pretax profit and earnings per share ahead of current market forecasts.
In its last financial year, pretax profit was GBP3.0 million from GBP3.2 million year-on-year, with earnings per share at 97.1 pence from 103.1p.
The better-than-expected performance was driven by strong feed sales, the company said, both through its agricultural retail stores and direct-to-farm.
Fertiliser and seed volumes were also strong, boosted by dry and warm weather conditions in the final quarter of its financial year.
"The board believes the general agricultural and commodity outlook in the UK remains positive, and the group is well placed to take advantage of the opportunities that are expected to present themselves," Wynnstay said in the statement.
Wynnstay shares were trading 7.6% higher on Thursday at 433.25 pence each.
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