Wynnstay notes risk of cost inflation; market conditions "mixed"

(Alliance News) - Wynnstay Group PLC on Tuesday said that a risk of cost inflation remains, including fuel and other inputs, arising from ongoing geopolitical uncertainty.

The Powys, Wales-based agricultural supplies and services company, which held its annual general meeting on Tuesday, said that "market conditions remain mixed" amid stronger farmgate prices in some sectors including beef, while offset by softer conditions in others such as dairy and cereal crops.

In early February, the company had said that further opportunities are "expected to arise as market conditions normalise and the full benefits of Avonmouth flow through."

The company said Tuesday said its Arable division "has traded strongly," amid a "solid" first quarter in fertiliser, with higher year-on-year volumes and "strong" trading from its Avonmouth blending facility which performed in line with expectations.

Chair Steve Ellwood said Tuesday: "Stores have seen softer sales transaction levels compared with the prior year, resulting in performance being behind last year. As part of Strategy Genesis, we are implementing plans to improve store efficiency and margins. While there remains a risk of cost inflation, including fuel and other inputs, arising from ongoing geopolitical uncertainty, the board does not currently expect a material adverse impact on the group and maintains its full year expectations."

Wynnstay shares fell 4.4% to 344.12 pence each on Tuesday afternoon in London.

By Tom Budszus, Alliance News slot editor

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