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Wynnstay Group PLC - Powys, Wales-based agriculture supplies - Posts revenue of £409.1 million for six months ended on April 30, up 22% from £335.7 million a year before. Commodity price inflation accounts for estimated £48 million of the rise. Pretax profit is down 44% to £5.8 million from £10.4 million, as operating profit drops to £5.5 million from £10.4 million the year before. The year-earlier results included a one-off fertiliser stock price gain, Wynnstay explains. Declares interim dividend of 5.50 pence per share, up 1.8% from 5.4p a year prior. Looking ahead, expects to achieve its underlying growth objectives for the financial year although pressures remain.
Chief Executive Gareth Davies says: ‘The group performed well against softer trading conditions compared to last year and underlying performance is in line with our expectations. The extraordinary one-off gains of last year, generated by escalating fertiliser prices, were absent. Instead, our fertiliser blending operation at Glasson contended with a sharp reversal in the price of fertiliser back to the pre-exceptional and more sustainable levels of late 2021, which created one-off adverse stock realisations.’
Current stock price: 463.24 pence each, down 2.0% on Monday morning in London
12-month change: down 25%
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