Wynnstay Group PLC Trading Update (3325T)
24 November 2021 - 5:59PM
UK Regulatory
TIDMWYN
RNS Number : 3325T
Wynnstay Group PLC
24 November 2021
24 November 2021
AIM: WYN
WYNNSTAY GROUP PLC
("Wynnstay" or "the Group")
TRADING UPDATE
The Board of Wynnstay, the agricultural supplies group, is
pleased to provide the following update on trading for the
financial year ended 31 October 2021.
Trading Update
Trading since June, when the Group reported interim results, and
in particular in the key trading month of October, has been strong
across all core activities. Certain areas have outperformed the
Board's expectations especially fertilizer blending activities,
which experienced certain one-off benefits, and joint venture
activities. As a result, the Board now expects that underlying
Group pre-tax profit* for FY 2021 will be significantly ahead of
current market forecasts.
The second half performance has been supported by strong
farmgate prices across almost all categories, which has continued
to buoy farmer confidence and farm re-investment. After last year's
historically poor harvest, tonnages and yields have reverted to
more normalised levels, benefiting the Group's arable activities in
the important final quarter of the financial year, and grain prices
remain strong. The Specialist Agricultural Merchanting Division
experienced strong demand from farmer customers across all major
categories.
The inflationary and supply chain challenges being experienced
across the wider economy, including energy, distribution, fuel and
labour costs, are being managed, and to date Wynnstay has avoided
any significant disruption to its business. The Board expects to be
able to continue to manage these operational and cost challenges
effectively, although some imported product lines have experienced
delays and this may continue.
The Board believes that the short and medium term outlook for
agriculture and farm commodities in the UK remains positive. As the
agricultural sector adapts to the Agricultural Act 2020 and a
greater focus on environmental priorities, the Group remains very
well-positioned to support farmers and to increase its market
share.
*underlying Group pre-tax profit excludes non-recurring items,
share based remuneration payments and adds back the Group's share
of tax incurred by joint ventures.
Enquiries:
Wynnstay Group plc Gareth Davies, Chief T: 01691 827
Executive 142
Paul Roberts, Finance
Director
KTZ Communications Katie Tzouliadis / Dan T: 020 3178
Mahoney 6378
Shore Capital (Nomad Stephane Auton / Patrick T: 020 7408
and Broker) Castle / 4090
John More
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END
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