21 January 2009

WYNNSTAY GROUP PLC

Final Results for the year ended 31 October 2008

Based in Wales, Wynnstay manufactures and supplies agricultural products and services for farmers. In addition, it operates two specialist retail chains, comprising Country Stores (with an offering tailored to the needs of farmers and country dwellers) and Pet Superstores (trading as “Just for Pets”).  

Key Points

• Record results – very strong trading across both agricultural and retail activities:
  
  - agricultural supplies businesses: revenues rose 52% to £185.2m and operating profits rose 112% to £3.89m
  

  - specialist retail businesses: revenues rose 42% to £49.2m and operating profits rose 45% to £1.9m (after provisions)

• Total revenues increased by 49% to £234.6m (2007: £157.0m)
  - acquisitions contributed £12.6m

• Group profit before tax* increased by 61% to £5.22m (2007: £3.25m)

• Earnings per share increased by 49% to 29.26p (2007: 19.63p)

• Net assets rose by 28% to £36.3m (2007: £28.4m)

• Final dividend of 4p per share proposed, taking total to 6p per share (2007: 5.5p)

• Continued to act as consolidator within agricultural sector
  - number of bolt-on acquisitions completed

• Chain of pet superstores, Wilsons Pet Centres, acquired in January 2008
  - transformational purchase, adding scale and expertise to pet products business

• Board confident of continuing progress

* Group profit before tax includes the Group’s share of profits from joint ventures and associate investments before taxation

Ken Greetham, Chief Executive, commented,

 “I am delighted to report on record results for the Group. Wynnstay’s agricultural businesses performed very strongly, aided by a background of more realistic prices for farm produce. Our trading businesses delivered an exceptional performance, making gains which are unlikely to be repeated in the current financial year and our feed business benefited from our decision to buy animal feed ingredients early, ahead of price rises. Our arable business also achieved a pleasing performance, increasing its contribution to the Group.

 Our specialist retail operations, which comprise our network of Country Stores and Pet Superstores, enjoyed a very successful year, with good like-for-like growth and overall sales boosted significantly by acquisitions.

 We will continue to pursue our twin track strategy of developing both our agricultural and specialist retailing activities and believe that the Group is well placed to grow its core businesses."

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).

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