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news / final results for year ended 31st October 2007

23 January 2008

WYNNSTAY GROUP PLC

Final Results for the year ended 31 October 2007


Based in Wales, Wynnstay supplies agricultural products and services for farmers. The Group also operates a network of stores providing a wide range of agricultural and country lifestyle products, and dedicated pet product stores under the “Just for Pets” brand.

Key Points

  • Record results in a year of volatile trading conditions:
    - driven by outperformance of grain & raw material trading business

  • Results reflect success of strategy to act as consolidator in agricultural industry while developing consumer retailing activities:
    - launch of Just for Pets dedicated pet store format in June
    - country stores network expanded
    - complementary agricultural acquisitions

  • Group revenue rose by 42% to £157.0m (2006: £110.9m)

  • EBITDA increased by 25% to £5.13m (2006: £4.1m)

  • Group pre-tax profit* rose by 23% to £3.25m (2006: £2.64m)

  • Earnings per share increased to 19.63p (2006: 19.12p)

  • Net assets rose by 12% to £28.4m (2006: £25.3m)

  • Return on net assets increased to 12.3% from 10.8%

  • Proposed final dividend of 3.625p per share, making total of 5.5p for the year (2006: 5.25p), up by 5% over last year

  • Post year end, acquisition of Wilsons Pet Centres:
    - 10 pet superstores, based in West Midlands
    - acquisition to be immediately earnings enhancing

  • Board confident of Group’s prospects
    - full benefits of acquisition activity to come

* Group pre-tax profits include the Group’s share of pre tax profits from joint venture and associate investments

Bernard Harris, Managing Director, commented,

“I am pleased to report record results for the year ended 31 October 2007, despite facing some of the most highly volatile trading conditions in recent decades. The trading elements of our agricultural business, especially grain and raw materials trading, benefited hugely from the increase in prices for most basic feed commodities, and as a result, Glasson, in particular, enjoyed an outstanding year.

Wynnstay’s creditable performance in the face of the challenging trading environment is a reflection of the strategy we have been pursuing over recent years, that of acting as a consolidator in the agricultural distribution sector, and at the same time, extending the Group’s consumer retailing activities, particularly within the area of pet care. Our acquisition last week of a major pet store chain in the West Midlands moves us forward with our plans to develop our new pet brand, “Just for Pets”, and represents an exciting development.

I remain confident that the Group will continue to make substantial progress in 2008 as we see the full benefits from our acquisition activity coming through.”

To view the Complete Final Results document Click Here (You will require Adobe Acrobat Reader to view this file, which is available free of charge from www.adobe.co.uk).

To view the the Annual Report & Accounts 2007 click here (You will require Adobe Acrobat Reader to view this file, which is available free of charge from www.adobe.co.uk).

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