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Wynnstay Group PLC on Tuesday reported a sharp drop in annual profit, citing adverse weather conditions and falling commodity prices, but said it expects a stronger performance in its new year.
Wynnstay shares were up 11% at 314.20 pence in London on Tuesday morning.
The Powys, Wales-based agricultural supplies and specialist merchanting firm said pretax profit for the year ended October 31 fell to £4.1 million from £8.7 million a year prior.
Revenue declined 17% to £613.1 million from £735.9 million, with the company attributing most of the drop to commodity price deflation.
Chief Executive Officer Alk Brand said: ‘It was a disappointing year for the group, reflecting a number of challenges, including adverse weather, which impacted planting and growing conditions, falling commodity prices, and underperformance in certain areas of the business.’
Despite the weaker results, Wynnstay proposed a final dividend of 11.90 pence per share, up from 11.75p a year ago, bringing the total payout for the year to 17.50p from 17.25p.
Looking ahead, the company expects an improved performance in the new financial year, supported by a business transformation initiative called Project Genesis, which aims to establish a more efficient operating model.
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