Wynnstay Group Plc announce interim results for six months to 30th April 2010

Key Points

• Strong performance – supported by broad spread of agricultural activities and increasing contribution from specialist retailing activities

• Revenues up 2% to £120.34m (2009: £117.70m) with:
• agricultural supplies businesses contributing £87.65m
• specialist retailing businesses contributing £32.56m

• Operating profit up 8% to £3.74m (2009: £3.47m)

• Pre-tax profit up 12% to £3.55m (2009: £3.16m)

• Earnings per share up by 9% to 17.73p (2009: 16.31p)

• Net assets rose by 10% to £42.0m (2009: £38.2m)

• Interim dividend up by 9% to 2.40p per share (2009: 2.20p)

• Agricultural supplies activities - robust performance, with recovery in demand for fertiliser and increase in feed volumes

• Specialist retailing activities - performed strongly:
• Just for Pets chain - continuing expansion of store network
• Wynnstay Country Stores - like-for-like revenue growth

• Post period acquisition of major seed processor, Woodheads Seeds Ltd, in May 2010

• Post period c£4m fund raising (before expenses) completed in June 2010 to support acquisition strategy

• Board remains very positive about growth prospects, short and long term

Chairman, John Davies, commented,

“Trading results for the six months are very encouraging. Characteristically, the Group’s broad spread of agricultural activities has helped to ensure good results from the Agricultural Division against variable trading conditions. Our Specialist Retailing Division continues to demonstrate robust growth. There is a high degree of predictability to revenues at our Wynnstay Country Stores chain and we are pushing forward with the expansion of Just for Pets, our chain of pet product stores, opening two new stores during the first half.

The Board remains very positive about prospects for the second half of the year and beyond.”

Enquiries:

Download the full results announcement statement.
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