Wynnstay's investment is boost for local economy as 'exceptional' results revealed

And as the business continues to make strides nationally, chiefs say investment in the local economy remains a focus too.

The Llansantffraid-based group completed investment in seed-processing facilities at its Shrewsbury plant - Astley Park - this year, with plans to expand there further.

A major investment programme at a feed plant at Carmarthen has started.

The group has released its full year results for the year ending October 31, which showed revenue up 42 per cent to £713.03m, from £500.39m in 2021.

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

Finance director Paul Roberts said: "We have grown the business very substantially with a combination of organic growth and acquisitions and the results we are seeing reflects the success in both of those areas.

"We are very pleased that from a local perspective, we continue to create jobs in the region and continue to invest here, despite our wider presence nationally now.

"We have completed a very substantial investment in our seed plant at Astley but also have planning permission to extend the warehousing there.

"As well as our arable operations being based there, it's also our central distribution facility for our depot network. So products like animal health pharmaceuticals are distributed from the Shrewsbury site and we have plans for an additional 30,000 sq ft of warehousing so it will be a core focus for us, without neglecting other parts of the business.

"The emphasis is across all of our activities. It's that broad nature of our activities – arable, feed manufacturing, cereal production and so on that we feel is our strength. The broad, balanced nature of our business.

"That means we can smooth out difficulties that come in any particular sector."

Reflecting on their latest results, 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."

Mr Davies also emphasised the importance of the local community.

"We have brought back local events such as the Wynnstay Arable event," he said.

"We hold it every year and its a key event in the calender of arable farming in the West Midlands.

"It was attended by 800 people this year which clearly shows our position in the market place in the local area.

"We also re-introduced our beef and sheep event after Covid and we hold these events to engage with our farmers and to bring to them new ideas, products and cutting edge advice, keeping ahead of the opposition. As we grow our business we will continue to create more jobs."