20th Jun 2018 10:07
LONDON (Alliance News) - Wynnstay Group PLC on Wednesday said it is on track to deliver annual results in line with market expectations, as revenue and profit grew in the first half of its current financial year.
The agricultural products supplier reported pretax profit of GBP4.9 million in the six months to April 30, up 16% from the year before.
Revenue also rose by 10% to GBP218.5 million from GBP198.1 million a year earlier, thanks to a rise in volumes across certain core product categories.
Revenue in Wynnstay's agricultural division climbed 10% to GBP160.0 million from GBP145.8 million the prior year, while the specialist retail division's revenue increased by 11% to GBP58.3 million from GBP52.3 million.
Manufacturing costs were higher year-on-year, at GBP21.0 million compared with GBP19.0 million while administrative expenses grew slightly to GBP3.5 million from GBP3.2 million. The company also booked investment impairment and restructuring costs, which totalled GBP700,000.
Wynnstay declared an interim dividend of 4.41 pence per share, up 5.0% from 4.20p paid for the first half the year before.
"Wynnstay's interim results are encouraging," said Chief Executive Ken Greetham. "Trading remains in line with overall budgets and the group is well-positioned to meet current market expectations for the full year."
The stock was trading 4.6% higher on Wednesday at 478.55 pence per share.
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