Last checked at 17 Mar 2009 07:00
WYN
17 March 2009
WYNNSTAY GROUP PLC
("Wynnstay" or "the Group")
AGM Statement
Wynnstay, the agricultural and retail group, will be holding its Annual General Meeting this morning. Chief Executive, Ken Greetham, will make the following comments on trading in his address to shareholders,
"Wynnstay delivered an exceptionally strong performance in the last financial year to 31 October 2008. Trading results benefited from an out-performance from the Group's raw materials trading activity as raw material prices rose sharply and improved conditions for farmers, with more realistic prices for farm produce.
The Group's trading in the first four months of the current financial year is broadly in line with our expectations. Within our agricultural supplies business, the animal feeds division has seen reduced feed volumes from the dairy sector but sheep and poultry volumes have been particularly encouraging. In the arable division, high prices for fertilizer have affected early orders. However we anticipate some recovery in volumes during the course of the season. Seed sales have been excellent, benefiting from higher Spring demand.
Our specialist retailing businesses continue to perform well. Our Country Stores offering is geared towards the farming community and there is a high degree of predictability and robustness in farmers' spending patterns. Trading at our pet products retailing operation, Just for Pets, remains strong. We have recently opened a new Just for Pets store in Long Eaton, near Derby, and aim to open two further stores during the course of the year.
The general outlook for the UK agricultural industry remains positive as world demand for agricultural produce continues to improve. More specifically, in the short term, the weakened pound has strengthened export demand. Against this background, Wynnstay is well placed to supply a more buoyant industry. We therefore continue to view prospects for the business positively."
Enquiries:
Wynnstay Group plc Ken Greetham, Chief Executive T: 01691 828512
Paul Roberts, Finance Director
Biddicks Katie Tzouliadis T: 020 7448 1000
WH Ireland Limited David Youngman T: 0161 832 2174
(NOMAD)
Shore Capital Guy Peters T: 020 7408 4090