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Half Year Results For the six months to 30 April 2015

30

Apr

2015

Half Year Results For the six months to 30 April 2015

News

  • Encouraging performance – despite a difficult trading backdrop, with low output prices for farmers
    •    underlying* operating profit up 4.9% to £5.13m
    • balanced business model has underpinned results
  • Revenue of £200.56m (2014: £222.49m) – affected by commodity price deflation
    • market share maintained or improved in key product areas
  • Pre-tax profit up to £4.82m (2014: £4.70m)
  • Earnings per share up to 20.26p (2014: 19.41p)
  • Net debt at 30 April 2015 of £8.09m (2014: £10.86m), a 25% reduction
  • Net assets at 30 April 2015 up to £80.28m (2014: £74.54m)
  • Interim dividend of 3.7p, an increase of 8.8% (2014: 3.4p)
  • Agricultural Division – revenue at £147.33m, operating profit at £2.23m -increased feed volumes partly offset impact of low grain price on arable activities
  • Specialist Retail Division – revenue at £53.18m, operating profit at £2.85m - good performance, with CPF acquisition benefits coming through as planned
  • New five year corporate growth plan agreed -  organic and acquisitive growth opportunities on existing foundations
  • Long term outlook remains very positive; short term headwinds reflecting lower output prices

 * underlying operating profit is before intangible amortisation and share-based payments

 

Chief Executive Ken Greetham commented:

 “I am very pleased to report that the balanced business model has allowed us to deliver an encouraging first half performance, with underlying* operating profit up 4.9% to £5.13m, despite a difficult backdrop, with poor output prices for farmers. The main drivers of this resilient performance were the continuing progress within our Specialist Retail activities and increased feed volumes, which helped to offset the change in trading patterns within the arable sector. 

 Trading conditions for farmers have been difficult for the last two years. However the industry is cyclical and the macro economic factors around world demand remain compelling.

Our recently completed business planning exercise highlights the growth opportunities available to the Group and the Board remains confident about Wynnstay’s continued future growth, built on the existing solid foundations.

The business continues to benefit from its broad base of activities and overall current trading is in line with management expectations.”

Enquiries:

 

Wynnstay Group plc

Ken Greetham, Chief Executive

Paul Roberts, Finance Director

T: 01691 827 142

T: 020 3178 6378 (today)

 

 

 

KTZ Communications

Katie Tzouliadis

 

T: 020 3178 6378

Shore Capital (Nomad and Broker)

Stephane Auton / Patrick Castle

T: 020 7408 4090

 

View Wynnstay Group PLC full report on The Stock Exchange

Download the Wynnstay Group PLC Interim Report 2015