20 January 2010

WYNNSTAY GROUP PLC

Final Results for the Year to 31 October 2009  

Based in Wales, Wynnstay manufactures and supplies agricultural products and services for farmers. It also operates two specialist retail chains, Wynnstay Stores (providing products for farmers and country dwellers) and Just for Pets (offering a comprehensive range of pet products).  

Key Points

• Strong performance in much tougher market conditions

• Revenues of £215.0m (2008: £234.6m) with:
  - agricultural supplies businesses contributing £160.7m
  - specialist retailing businesses contributing £54.0m

• Operating profit of £5.5m (2008: £5.6m)

• Group pre-tax profit * of £5.2m (2008: £5.2m)

• Earnings per share of 26.42p (2008: 29.26p)

• Net assets rose to £39.5m (2008: £36.3m)

• Final dividend of 4.3p per share proposed, taking total to 6.5p per share (2008: 6.0p)

• Agricultural supplies activities saw reduced demand for feed and fertiliser reflecting industry trends

• Specialist retailing activities performed very strongly:
  - Just for Pets chain - pro-forma revenues rose 16%, helped by two new store openings
  - Wynnstay Stores - like-for-like revenues increased by 7%

• Growth prospects remain very positive, driven by:
  - opportunities to add scale to specialist retailing activities, especially Just for Pets chain
  - long term positive trends in UK agriculture

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

Ken Greetham, Chief Executive, commented,

“I am very pleased with the results the Group has delivered. Overall, the business performed strongly in a trading environment significantly tougher than the last financial year, in which the Group benefited from substantial one-off inventory gains as a result of rising raw material prices.

Wynnstay has firm foundations on which to build. It operates across a broad range of activities and markets, offering a number of opportunities for continued growth. We are seeking further acquisitions within the agricultural sector, including our Country Stores, as we continue to act as a consolidator and, at the same time, we see excellent opportunities for expansion in our pet product retailing business.

The Group’s activities are underpinned by a strong balance sheet and we remain confident about prospects to develop the business further.”

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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