24th Mar 2020 17:48
(Alliance News) - Wynnstay Group PLC said Tuesday trading was subdued in the first four months of its new financial year but has confirmed its financial 2019 final dividend.
Wynnstay proposed a final dividend for its financial year ended October 31 of 9.40 pence per share.
The agricultural merchant said the subdued trading since the end of financial 2019 has been in line with management expectations.
"This market softness reflected generally lower farmgate prices, severe wet weather that limited sowing activities, and continued farmer cautiousness," Wynnstay said.
The company noted the ongoing Covid-19 pandemic but said the financial impact is "difficult to predict".
Wynnstay added: "We note the government announcement last night regarding shop closures and are seeking clarification as to what this means for our agricultural stores, which provide an essential service within the rural community and food chain."
Wynnstay said its strong balance sheet, substantial headroom in banking facilities, and broad spread of activities offer it "resilience" in face of the ongoing uncertainty.
"The board retains its view that looking beyond the current coronavirus crisis, the business is well placed in the sector," the company added.
Shares in Wynnstay closed 0.9% lower in London on Tuesday at 210.00p each.
By Paul McGowan; [email protected]
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