Last checked at 21 Mar 2017 07:00
21 March 2017
AIM: WYN
Wynnstay Group plc
("Wynnstay" or the "Group")
AGM Statement
Wynnstay, the agricultural and retail group, will be holding its Annual General Meeting this morning and will make the following comment on current trading:
The trading environment for farmers has continued to show signs of recovery, with farm output prices higher year-on-year, although from low comparatives. This is encouraging although, as yet, it is too early to determine the strength of the recovery. There are important seasonal trading months ahead for Wynnstay, particularly for feed sales and these will influence the outcome for the half year. Nonetheless, at this stage, we continue to remain encouraged that Wynnstay is on track to return to growth in the current financial year.
In the Agricultural division, demand for ruminant feed has increased year-on-year, reflecting national trends. Fertiliser sales have been good as farmers purchased ahead of anticipated price increases. Demand for spring seed is also encouraging and, as expected, the smaller 2016 harvest has meant that grain trading volumes in the period are behind the previous year.
Within the Specialist Retail operations, our agricultural retail activities have seen a small increase in like-for-like sales over recent months, mainly attributable to hardware products. However, demand at Just for Pets, the pet products business, remains subdued, reflecting the challenging high street.
We are continuing to invest in the business, including in our technology platform, to drive efficiencies and better position the Group for long term growth.
Enquiries:
Wynnstay Group plc | Ken Greetham, Chief Executive Paul Roberts, Finance Director | T: 01691 827 142
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KTZ Communications | Katie Tzouliadis, Emma Pearson
| T: 020 3178 6378 |
Shore Capital (Nomad and Broker) | Stephane Auton, Patrick Castle | T: 020 7408 4090 |