Record pre-tax profit for Wynnstay Group
The Llansantffraid-based Wynnstay Group saw pre-tax profit improve to a record level despite a fall in revenue in the year to the end of October.
In challenging trading conditions, with low farmgate prices hitting farmers, the agricultural group's revenue was down to £377.38 million from £413.56m a year before. The group was also hurt by commodity price deflation.
Pre-tax profit for the group, which has operations in Astley, near Shrewsbury, and Oswestry, before share based payments and exceptional charges, increased by four per cent to £9.05m from £8.7m.
The proposed final dividend of 7.40p took the total for the year to 11.10p - an increase of 8.8 per cent.
The agricultural division's revenue was £270.05m with operating profit up nine per cent to £4.13m and the specialist retail division was £107.19m with operating profit up four per cent to £5.08m.
Ken Greetham, chief executive of Wynnstay, said: "Wynnstay has delivered a pleasing performance in a trading environment that has been impacted by continuing low output prices for farmers. The Group achieved a record underlying pre-tax profit of £9.05m.
"These robust results were supported by recent acquisitions as well as increased volumes and efficiency gains in some sectors. We continued to expand our business during the year, including the acquisition of Agricentre at the year end, which brings eight new outlets and extends the group's presence into a major new geographic region."
Wynnstay, which has stores across Shropshire, has appointed 58-year-old Steve Ellwood as a non-executive director, with effect from April 4.
He has extensive experience in the UK agriculture and agri-food sector and spent 25 years at HSBC Bank, specialising in agriculture and was head of agriculture for 10 years,
