Wynnstay Group PLC - Powys, Wales-based supplier to livestock and arable farmers - Reports record pretax profit of GBP5.4 million for the six months that ended April 30, up 25% from GBP4.3 million a year before. Revenue rises 8.9% to GBP249.7 million from GBP229.3 million. Proposes interim dividend of 5.00 pence, up 8.7% from 4.60p in 2020.
Says robust results followed a return of confidence in the agricultural sector, assisted by stronger farmgate prices and greater clarity after the completion of the EU settlement related to Brexit and introduction of the UK Agriculture Bill.
Chief Executive Gareth Davies says: "Prospects for the second half of the financial year are very encouraging, with farmgate prices firm and a good harvest expected. We will continue to invest in the business to increase the group's manufacturing capacity and improve production efficiencies, and will look for further complementary acquisitions. With our strong balance sheet and good cash flows, we view the future with confidence."
Current stock price: 495.20p, up 7.7% on Wednesday morning
Year-to-date change: up 47%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Wynnstay (WYN)