24th Jun 2020 10:35
(Alliance News) - Wynnstay Group PLC on Wednesday said commodity price slumps hurt first-half revenue, but the agricultural products firm held its interim dividend.
In the six months to April 30, revenue fell 12% year-on-year to GBP229.3 million from GBP260.6 million, though pretax profit crept up 4.3% to GBP4.3 million from GBP4.1 million.
Wynnstay held its interim payout at 4.60 pence per share.
Wynnstay noted its first-half revenue was "largely impacted by commodity price deflation".
The Powys, Wales-based company however, described its results as "resilient", despite "despite exceptionally challenging market conditions caused by coronavirus crisis, subdued farmgate prices, and ongoing Brexit uncertainty".
Chief Executive Gareth Davies said: "The group is well-placed financially and operationally to navigate the ongoing coronavirus crisis. While we expect the remainder of the year to remain challenging, our confidence in the long-term prospects for Wynnstay remain undiminished."
Shares in the company were 10% higher at 272.55p each in London on Wednesday morning.
By Eric Cunha; [email protected]
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