Wynnstay announces solid year of trading for agriculture
Wynnstay has reported an excellent year of trading over their financial year ending 31 October 2017, for both their agricultural and specialist retail divisions.
Revenues from continuing operations rose by 10.5% to £390.72m. Profit before tax from continuing operations increased to £7.66m, however the results were impacted by the administration of Just for Pets Limited in October.
Wynnstay Chief Executive, Ken Greetham comments;
“The recovery in farm output prices last year drove a greater sense of optimism across the agricultural sector, which is reflected in the success of our core trading business over the past 12 months,” he explains.
“Our agricultural business delivered a significantly improved performance year-on-year, reflecting better trading conditions for our farmer customers, with milk and other farm output prices recovering from the depressed levels of the last two years,” explains Mr Greetham.
Results show the agricultural division has performed well, with operating profit up 11% to £3.34m, something that Wynnstay chief executive, Ken Greetham attributes to a significantly improved trading backdrop.
The specialist retail division saw revenue from continuing operations of £109.73m and operating profit up 6.0% to £4.74m.
“Our results as a whole were impacted by Just for Pets Limited in relation to charges associated with the administration process, which reduced the overall profit before tax to £1.15m. However, this decisive action helped to minimise the potential adverse effect on both creditors and employees, preserving most jobs.
“The agricultural trading backdrop is stronger than this time last year and the new financial year has started in-line with management expectations.”
The latest figures released, come as Wynnstay marks its 100th anniversary and reflects a century of commitment to British farmers, with continued support from their core farmer customer base.
Commenting on the year ahead, Mr Greetham says Wynnstay are continuing to invest. “We continue to invest in infrastructure, focusing on manufacturing and logistics, and believe that the business remains well-placed to develop and grow. While Brexit creates some uncertainties, we remain confident of our market positioning.
“We look forward to celebrating 100 years in the industry throughout 2018 and will be marking the occasion with a number of events and initiatives for Wynnstay staff, stakeholders and our continually supportive customers,” Mr Greetham concludes.