Record financial year for Wynnstay Group

Revenue was up 42 per cent to £713 million in the year to the end of October.

The Llansantffraid-based group said the results reflect a strong trading performance and substantial one-off gains arising from macroeconomic events which management does not believe will be repeated.

Pre-tax profit was up 92 per cent to £21.12m and net assets rose 24 per cent to a record £130.7m,

The proposed final dividend is 11.6p per share, up from 10.5p for the previous year. It marks a 19th consecutive year of dividend increases,

Agriculture division revenue was up 57 per cent to £564.2m, helped by one-off gains from impact of global events on fertiliser operations.

Feed volumes were up by six per cent, ahead of national market trends.

Total seed sales decreased, reflecting seasonal factors and exit from lower-margin cereal seed sales, but grass seed performance was ahead of the national trend.

For the specialist agricultural merchanting division, revenue increased by five per cent to £148.7.

Investment in Wynnstay's seed processing facility at Astley Park, Shrewsbury, has been completed and the major investment programme at a feed plant at Carmarthen has started.

Since the end of the financial year the group has bought Tamar Milling, an animal feed business based in Cornwall.

Chief executive Gareth Davies said: "These results are exceptional and set record highs across all key financial measures. While global events have driven substantial one-off financial gains that we do not expect to repeat, the group in any case traded very strongly, helped by strong farmgate prices and growth and efficiency initiatives.

"We also made excellent progress with our strategic growth plans. The Humphrey acquisition has significantly expanded our geographic trading area and added feed manufacturing capacity, creating further growth opportunities. Our recent acquisition in November 2022 of Tamar Milling further extends our trading footprint, and we continue to drive investment in capacity, efficiency, and staff across the Group.

"Trading in the new financial year to date has been in line with expectations. While there are economic headwinds, we remain confident of achieving our growth targets."