Wynnstay maintains progress on green strategy

The agricultural specialist, which has facilities at Astley Park, Shrewsbury and a head office at Llansantffraid, is investing £5 million in solar energy across its sites over three years. It will help to mitigate some of the rising energy costs, allowing the business be as efficient as it can be within its operations.

In an update, Gareth Davies, chief executive, said: “We had £1m invested last year and another £1m this financial year as part of the £5m programme over three years

“That will help us to mitigate costs and produce green energy.

“Over and above that, right across the business, ESG is an important strategy pillar. We aim to be carbon neutral by 2040.

“In addition to projects within the business, such as hybrid vehicles and LED lighting, we are also working very hard with our customers to help them deliver their environmental objectives.

“We are increasing products and services to support people as they deliver their targets so we are very busy in that area.

“Locally, our Astley site is key. Environmental seed mixtures, including pollinators and herbs, were, previously, produced elsewhere.

“But the investment we have put into Astley, doubling our ability to produce grass seed, now enables us to process that seed there and, so, the Shrewsbury plant is at the centre of our seed processing activities, supporting jobs locally.”

Last week Wynnstay revealed how profits fell but revenue rose last year as the manufacturer and supplier of agricultural products matched up against ‘exceptional results’ from 2022.

It reported a pre-tax profit of £8.7m for the year ending October 31, 2023. That was down from £21.1m the prior period. Adjusted operating profit was £9.30m, as fertiliser raw material prices normalised. That was compared to £22.4m in 2022.

Revenue, however, was up three per cent to £735.9m from £713m in 2022, and £500.4m in 2021. Agriculture Division revenue was £584.3m, compared to £564.3m in 2022. Net cash rose to £19m from £18.2m in 2022 while net assets increased to £135.2m from £130.7m the year before.

Group Finance Director Rob Thomas said: “It’s been a tough year in terms of the market but the business is well placed and that’s reflected in the balance sheet. We have strong cash flows.”