| 20 March 2007
WYNNSTAY GROUP PLC
Annual General Meeting Statement
Wynnstay Group plc (“Wynnstay” or “the Group”)
will be holding its Annual General Meeting this morning. In
his address to shareholders, Chairman, Mr John Davies will
make the following statement,
“Over the course of the last financial year, we continued
to make further progress in our business development strategy,
despite challenging market conditions. Considerable financial
investment has been made across our activities, with the purchase
of Glasson Grain in August 2006, our largest acquisition to
date; the ongoing store refurbishment programme; the opening
of our new dedicated blended feed plant at Rhosfawr and the
integration of the Quins Farm Supplies business into our stores
at Newtown and Welshpool. Further investment has been made
in many of our Joint Venture activities, which add useful
additional income streams.
Our investments place the Group in a stronger position for
the future and, more immediately, to benefit fully from improving
market conditions. Following the sharp decrease in fertiliser
sales last year - as the Single Farm Payment system and record
high fertiliser prices impacted farmers’ buying patterns
- I am pleased to report that we have seen fertiliser ordering
return to more normalised patterns and there was a marked
rise in demand in January to February. On a like-for-like
basis, fertiliser orders for the period November to February
are 10% ahead of the same period last year, and in line with
budget. In addition, the Glasson Grain acquisition adds considerably
to fertiliser volumes. While the high price of wheat will
impact on feed margins, the balanced nature of our business
should help to alleviate the impact, not least because our
arable division experienced strong demand for cereal seeds
during the important autumn planting season.
In January, we announced the launch of a new stand-alone pet
store format, “Just for Pets”, targeting the fast
growing pet products market. I am pleased to report that the
first of these stores remains on course to be opened in Telford
in April 2007, with a further two stores planned during the
year.
We are also announcing today the planned retirement of Bernard
Harris, the Group’s Managing Director. After 28 years
with the business, Bernard Harris will be retiring in May
2008. The search for his successor has already commenced and
we will make any necessary announcement in due course. In
order to ensure a smooth transition, there will be a period
of handover ahead of Bernard’s departure.
With the recovery in fertiliser sales, the start to the current
financial year has been encouraging. The integration of Glasson
Grain is progressing well and the business is on track to
be earnings enhancing in the current year. Across the Group,
sales are in line with budget and we remain optimistic about
the outcome for the current financial year.”
For further details, please contact:
Wynnstay Group plc:
Bernard Harris, Managing Director T: 01691 828512
Paul Roberts, Finance Director
Biddicks:
Katie Tzouliadis T: 020 7448 1000
WH Ireland Limited:
David Youngman T: 0161 832 2174
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