Interim Results
29 June 2026
AIM: WYN
Wynnstay Group plc
("Wynnstay" or "the Group" or "the Company")
A leading integrated partner to UK agriculture
Interim Results for the six months ended 30 April 2026
Project Genesis driving improved profitability, stronger cash generation and confidence in full-year expectations
Interim Results Summary
6 months to
30 April 2026 (unaudited)
6 months to
30 April 2025 (unaudited)
Change
Revenue
£304.1m
£304.9m
-0.03%
Gross profit
£42.3m
£42.0m
+0.7%
Adjusted operating profit1
£5.8m
£5.2m
+9.7%
Adjusted profit before taxation2
£6.0m
£5.4m
+11.7%
Adjusted earnings per share3
20.9p
18.1p
+15.5%
Net cash4
£10.9m
£10.3m
+5.8%
Interim dividend per share
5.9p
5.7p
+3.5%
Statutory results
Operating profit
£6.1m
£5.5m
+10.2%
Profit before taxation
£6.2m
£5.5m
+12.1%
Earnings per share
21.3p
18.4p
+15.9%
Net debt - full IFRS 16
£(4.1)m
£(6.3)m
+34.9%
1Adjusted operating profit excludes amortisation of acquired intangibles, share based payment expenses, losses on mark to market of derivatives and non-recurring items.
2Adjusted profit before taxation excludes amortisation of acquired intangibles, share based payment expenses, losses on mark to market of derivatives, non-recurring items and the share of tax incurred by joint ventures.
3 Adjusted earnings per share takes into account the tax effect of adjusting items.
4Net cash excluding IFRS 16 leases.
Wynnstay has delivered a strong first half performance despite challenging agricultural market conditions and ongoing inflationary pressures across labour, logistics and energy. The benefits of Project Genesis are increasingly evident through improved operational efficiency, stronger commercial execution and a more focused cost base, resulting in higher profitability, improved cash generation and a strengthened balance sheet. Alongside this operational progress, the Group has continued to invest in strategic capabilities and growth initiatives through Wynnstay Strategy Genesis, providing the Board with confidence in the Group's ability to deliver full year results in line with current market expectations.
Financial Highlights
· Adjusted profit before taxation increased by 11.7% to £6.0m (H1 2025: £5.4m), a 59% increase compared with H1 2024 (£3.8m), demonstrating the continued delivery of Project Genesis.
· Adjusted operating profit increased by 9.7% to £5.8m (H1 2025: £5.2m), reflecting improved margins, operational efficiencies and a stronger Feed & Grain performance.
· Revenue broadly unchanged at £304.1m (H1 2025: £304.9m), with fertiliser volume growth of 12% and higher pricing offsetting lower feed volumes, reduced retail sales and the impact of Project Genesis site closures.
· Gross profit increased to £42.3m (H1 2025: £42.0m) despite ongoing inflationary pressures across labour, logistics and energy.
· Adjusted earnings per share increased by 15.5% to 20.9p (H1 2025: 18.1p).
· Net cash (excluding IFRS 16 lease liabilities) increased to £10.9m (H1 2025: £10.3m) despite increased capital expenditure and higher commodity prices.
· Strong working capital management partially offset the impact of higher agricultural commodity prices and supported improved cash conversion.
· Increased interim dividend of 5.9p per share proposed (H1 2025: 5.7p), reflecting the Board's confidence in the Group's outlook, balance sheet strength and cash generation.
Operational Highlights
· Project Genesis continues to deliver tangible operational and financial benefits across the Group.
· Group has continued to invest in its strategic capabilities, including production capacity, food safety, information technology infrastructure and data management initiatives.
· Feed & Grain:
o Adjusted profit before taxation increased to £2.2m (H1 2025: £0.9m), reflecting the benefits of the unified GrainLink trading platform, as well as improved margins and lower operating costs.
o Grain trading performance improved significantly, supported by increased trading volumes, enhanced collaboration, stronger margins and improved commercial execution.
o Loss-making operations closed under Project Genesis have been successfully removed from the cost base, improving profitability and creating additional capacity for future growth.
· Arable:
o Adjusted profit before taxation increased to £1.9m (H1 2025: £1.4m), supported by higher manufactured fertiliser volumes and the first full-period contribution from the Avonmouth fertiliser blending facility.
o Avonmouth operated successfully throughout the period, supporting record spring season fertiliser throughput and strengthening the Group's position in South West England and South Wales.
· Stores:
o Adjusted profit before taxation of £2.0m (H1 2025: £3.1m).
o Reduction was primarily driven by lower small bag feed sales and inflationary cost pressures.
o Underlying performance improved through the second quarter supported by management actions focused on category performance, pricing discipline and operational efficiency.
Commodity Markets and Middle East
· Fertiliser markets experienced short-term volatility following geopolitical developments in the Middle East, providing a modest benefit to profitability through well-managed purchasing positions.
· Impact was significantly lower than the market dislocation experienced during 2022 following the outbreak of the conflict in Ukraine.
· No disruption to fertiliser supply chains experienced during the period.
· Strong fertiliser order book entering the second half and the Group maintains a balanced purchasing and sales position and remains focused on managing commodity price risk prudently.
Outlook
· Trading in the second half has started in line with Board expectations.
· Project Genesis continues to deliver operational, commercial and financial benefits across the Group.
· The Board remains confident of delivering full-year results in line with current market expectations, representing a further improvement on FY25.
· Wynnstay is becoming a more efficient, resilient and cash-generative business, better positioned to perform across a range of agricultural market conditions.
Steven Esom, Chairman of Wynnstay Group plc, commented:
"These results demonstrate the tangible benefits of Project Genesis. Against a backdrop of challenging agricultural markets and broader inflationary pressure, Wynnstay has delivered a further improvement in profitability, strengthened cash generation and increased net cash, while continuing to invest in the business for future growth.
"The Group is becoming more efficient, more resilient and better positioned to deliver sustainable growth across a range of market conditions. With a strong balance sheet, a progressive dividend and an encouraging start to trading in the second half, the Board remains confident in the Group's outlook and ability to deliver further progress."
Alk Brand, Chief Executive Officer of Wynnstay Group plc, commented:
"The first half has provided clear evidence that Project Genesis is delivering. We have improved profitability, increased earnings per share and strengthened our balance sheet despite tough market conditions for the agriculture industry. The actions we have taken to simplify the business, improve operational efficiency and strengthen commercial execution are translating into a better and more sustainable financial performance.
"Importantly, this improvement has been achieved whilst continuing to invest in the future of the Group through enhanced production capacity, food safety standards, IT infrastructure and data capability. We remain focused on building a more resilient business that can perform consistently across market cycles. By concentrating on the areas within our control and improving the quality of our execution, we are creating a stronger, more self-reliant business that is better positioned to navigate external market volatility.
"Trading in the second half has continued in line with our expectations and we remain confident of delivering full-year results in line with market expectations, representing a further improvement on FY25."
Investor presentation
Management will be hosting a live online presentation for all existing and potential shareholders via the Investor Meet Company platform at 3:00pm on 1 July 2026.
Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9:00am the day of the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet Wynnstay via:
https://www.investormeetcompany.com/wynnstay-group-plc/register-investor
For more information on Wynnstay please visit https://www.wynnstayplc.co.uk/, or contact:
Wynnstay Group plc:
Alk Brand, Chief Executive Officer
Rob Thomas, Chief Financial Officer
Via Tavistock
Financial and Corporate communications:
Tavistock
Nick Dibden, Katie Hopkins, Grace Cooper
+44 (0) 207 920 3150
Nomad and Broker:
Shore Capital
Stephane Auton/Tom Knibbs (Corporate Advisory)
Henry Willcocks (Corporate Broking)
+44 (0) 20 7408 4090
About Wynnstay Group plc
Wynnstay Group plc is a leading UK supplier of agricultural inputs and services, supporting food production across the UK. With over a century of heritage and a scalable national platform, the Group combines manufacturing, distribution and on-farm expertise to support farmers in producing food more efficiently and sustainably.
Wynnstay aims to be a trusted partner to its customers, helping customers operate more efficiently, sustainably and profitably in an evolving agricultural landscape. Through its diversified business model, Wynnstay delivers essential inputs and solutions that underpin food production, animal welfare and land stewardship.
OPERATING REVIEW
Overview
The Group delivered a strong first half performance, with adjusted profit before taxation increasing by 11.7% to £6.0m (H1 2025: £5.4m) and adjusted earnings per share increasing by 15.5% to 20.9p (H1 2025: 18.1p).
These are encouraging results, particularly set in the context of challenging market conditions. The operational, commercial and structural improvements made across the entire organisation, over the last eighteen months, demonstrates the success achieved following the implementation of Project Genesis and is evidence of the Group's increasing resilience and improved operating model.
Agricultural markets remained mixed during the period. Livestock sectors continued to experience pressure from farm profitability dynamics, whilst uncertainty around government policy and agricultural support schemes remained a feature of the trading environment. The Group also faced ongoing inflationary pressures across labour, logistics, energy and other operating costs. While these external factors remain difficult to predict or influence, Wynnstay benefited from maintaining a well-executed commercial plan, improved operational efficiency, stronger margin management and a more focused cost base. As a result, the benefits delivered through Project Genesis more than offset these external headwinds and supported further progress in profitability and returns.
The Group has continued to invest in its strategic capabilities, including production capacity, food safety, information technology infrastructure and data management initiatives. These investments support long-term competitiveness and operational resilience and have been absorbed within the Group's improved financial performance.
Project Genesis continues to deliver benefits across all areas of the business. The closure of loss-making operations, the simplification of management structures, the integration of trading activities under GrainLink and the ongoing optimisation of manufacturing assets have all contributed to improved profitability and returns.
Financial Results
Group revenue was broadly unchanged at £304.1m (H1 2025: £304.9m). Revenue reflected lower feed volumes, reduced retail sales and the impact of site closures completed under Project Genesis, offset by growth in fertiliser volumes and pricing, with fertiliser tonnes sold increasing by 12% compared with the prior period.
Gross profit increased to £42.3m (H1 2025: £42.0m), reflecting improved operational performance and commercial execution, while managing inflationary pressures in labour, energy and logistics and continued volatility in agricultural commodity markets.
Adjusted operating profit increased by 9.7% to £5.8m (H1 2025: £5.2m), while adjusted profit before taxation increased by 11.7% to £6.0m (H1 2025: £5.4m). This represents a 59% increase compared with H1 2024 (£3.8m), highlighting the significant progress achieved through Project Genesis.
The improvement in profitability was driven by a significantly stronger performance in Feed & Grain, continued progress in Arable and a resilient underlying performance across the wider Group.
Statutory profit before taxation increased to £6.2m (H1 2025: £5.5m), while basic earnings per share increased to 21.3p (H1 2025: 18.4p).
Balance Sheet and Cash Flow
The Group remains in a strong financial position. Net cash excluding IFRS 16 lease liabilities increased to £10.9m at 30 April 2026 (30 April 2025: £10.3m), demonstrating the strength of the Group's cash generation despite ongoing £1.5m capital investment in the business and higher commodity prices. On a full IFRS 16 basis, net debt reduced to £4.1m (30 April 2025: £6.3m), reflecting improved cash generation and disciplined working capital management.
As expected, the half year reflected the peak point of the Group's annual working capital cycle. During the period, agricultural commodity prices increased, particularly within fertiliser markets, creating additional working capital requirements. Despite this inflationary backdrop, the Group improved cash conversion through tighter inventory management, aged debt management, disciplined procurement and enhanced working capital controls.
Cash flow from operations improved significantly compared with the prior year, reflecting the continued benefits of Project Genesis and stronger management of working capital movements.
The Group retains substantial liquidity headroom through its existing facilities and remains well-positioned to fund organic growth opportunities and strategic investment.
Dividend
The Board is pleased to declare an increased interim dividend of 5.9p per share (H1 2025: 5.7p), representing growth of 3.5%. The increase reflects the Board's confidence in the Group's outlook, the strength of the balance sheet and the continued cash-generative nature of the business. The Board remains committed to a progressive dividend policy supported by sustainable earnings and cash generation.
Segmental Review
Feed & Grain
Feed & Grain manufactures compound and blended feeds for dairy, beef, sheep and poultry enterprises, supplies feed raw materials and delivers its crop trading and combinable crop marketing services through the unified GrainLink platform. The consolidation of all trading activities under GrainLink has created a single, scaled commercial team with enhanced capability, broader geographic reach and improved customer access across the UK. The division has a well-established presence in its core regions and remains central to Wynnstay's long-term growth ambitions.
Feed & Grain delivered a significantly improved performance during the period, with adjusted profit before taxation increasing to £2.2m (H1 2025: £0.9m). This improvement reflects one of the clearest demonstrations of the benefits being delivered through Project Genesis.
Manufactured feed volumes were lower on a like-for-like basis, reflecting favourable grass growing conditions, pressure on farm incomes and a less supportive milk-to-feed price ratio in certain periods. However, the business benefited from a materially improved cost base following the closure of loss-making operations and the optimisation of manufacturing assets completed during FY25.
Project Genesis has created additional manufacturing capacity within the division, providing a platform for future growth while simultaneously reducing operating costs.
The GrainLink trading platform delivered a particularly strong performance. Feed raw material trading volumes increased and margins improved significantly as the benefits of the unified trading structure continued to emerge. The consolidation of trading activities has improved collaboration, reduced duplication, enhanced position management and enabled greater sharing of commercial expertise across the Group.
The ability to leverage product development across a wider customer base and sell a broader range of products into existing territories has also supported growth.
Arable
Arable supplies blended and straight fertiliser, a broad range of agricultural and environmental seed and operates one of the UK's leading seed processing and distribution facilities. Through the Glasson Fertilisers brand, Wynnstay is the country's second-largest fertiliser blender, offering high-quality, bespoke formulations to farming enterprises across the UK.
Arable delivered a further improvement in profitability, with adjusted profit before taxation increasing to £1.9m (H1 2025: £1.4m).
The division benefited from higher manufactured fertiliser volumes and a full-period contribution from the Avonmouth fertiliser blending facility, which operated successfully throughout the period and supported record spring season throughput.
The commercial performance was particularly strong. Well controlled forward purchasing and effective inventory management ensured the business was well positioned entering the spring season, allowing it to capture improved margins as market conditions strengthened.
During the period, fertiliser markets experienced some short-term volatility following geopolitical developments in the Middle East. While this provided a modest benefit to profitability, the impact was significantly lower than the dramatic market increases experienced following the outbreak of the conflict in Ukraine during 2022. Market movements were less pronounced, not all product categories experienced price increases and much of the spring season had already been contracted before prices moved higher.
Seed performance was in line with expectations during the first half and the business enters the important autumn season with a positive forward order book.
Stores
Wynnstay operates 51 stores serving farmers, rural enterprises and local communities across England and Wales. Stores provide a broad range of agricultural supplies, animal health products, farm hardware, clothing, feed and rural living essentials. The network is complemented by multi-channel routes to market, including a trading desk, direct-to-farm delivery and a digital platform.
Stores delivered a more challenging performance during the period, with adjusted profit before taxation of £2.0m (H1 2025: £3.1m). The reduction primarily reflected lower sales of small-bag manufactured feed products and softer demand across certain discretionary categories.
Inflationary pressures continued to affect the business, particularly in labour, logistics and other operating costs. While pricing actions were implemented where appropriate, these pressures proved more difficult to recover through headline pricing than in previous periods.
The division was also impacted by changes introduced through Project Genesis to improve transparency and decision-making. Internal transfer pricing for manufactured feed products now reflects a fully costed model, resulting in a more accurate margin allocation between business segments and better management information.
The underlying performance improved through the second quarter and into the early part of the second half, supported by management actions focused on category performance, pricing discipline and operational efficiency. The business is in a stronger position as a result of these actions.
Commodity Markets and Middle East Conflict
Agricultural commodity markets experienced increased volatility during the second quarter following geopolitical developments in the Middle East.
Within Arable, fertiliser prices increased in response to market uncertainty, providing a modest short-term benefit due to the Group's well managed purchasing position and inventory holdings. However, the impact was significantly less pronounced than the fertiliser market movements experienced during 2022. Importantly, the Group experienced no disruption to fertiliser supply and enters the second half with a strong forward order book.
The Group remains focused on maintaining a broadly matched purchasing and sales position and therefore has limited exposure to speculative commodity movements. Management continues to monitor market developments closely.
Within Feed & Grain and Stores, the principal impact was through higher logistics and haulage costs. The Group's diversified operating model, disciplined purchasing approach and focus on maintaining balanced positions limited the overall financial effect.
Project Genesis and Strategy Genesis
Project Genesis continues to deliver the operational and financial benefits anticipated when the programme was launched. The closure of loss-making operations, the simplification of management structures, the integration of trading activities and the optimisation of manufacturing assets have contributed materially to the improvement in Group profitability.
The Group remains on track with the next phase of Project Genesis, which is focused on operational delivery, continuous improvement and maximising returns from the structural changes already implemented.
Alongside the continued delivery of Project Genesis, the Group has continued to make progress against Wynnstay Strategy Genesis, its five-year growth plan focused on sustainable growth, improved returns and long-term shareholder value creation. Strategy Genesis is centred on leveraging the Group's existing asset base, manufacturing capacity and customer relationships to increase market share, expand sales of core product categories and grow share of customer spend across all three operating segments.
The Board believes that the operational platform created through Project Genesis provides a strong foundation for future growth. Investment in manufacturing capacity, digital capability, customer insight and commercial execution is intended to support higher levels of profitable growth whilst maintaining disciplined capital allocation and strong cash generation.
Joint Ventures
The Group's share of profits from joint ventures was £0.6m (H1 2025: £0.6m).
Bibby Agriculture delivered a strong performance, benefiting from robust demand across the dairy and ruminant sectors and continued focus on commercial execution and margin management. The business remains well-positioned and continues to make a valuable contribution to Group earnings. Wyro Developments performed in line with expectations.
Outlook
The Board remains confident in the Group's prospects. The Group is increasingly demonstrating resilience to external factors and its ability to improve performance through operational excellence, disciplined commercial execution and effective capital allocation.
Trading in the second half has started in line with the Board's expectations. The fertiliser order book is encouraging, Feed & Grain continues to benefit from the operational improvements delivered through Project Genesis and management remains focused on margin, cost and working capital discipline.
The Board remains confident of delivering full year results in line with current market expectations, representing a further improvement on FY25. Project Genesis is delivering the benefits originally envisaged and the Group is becoming more efficient, more resilient and better positioned to create sustainable value for shareholders.
Alk Brand
Rob Thomas
Chief Executive Officer
Chief Financial Officer
WYNNSTAY GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note
Unaudited six months ended 30 April 2026
Unaudited six months ended 30 April 2025
Audited year ended 31 October 2025
£'000
£'000
£'000
Revenue
304,101
304,942
583,436
Cost of sales
(261,773)
(262,935)
(502,901)
Gross profit
42,328
42,007
80,535
Manufacturing, distribution and selling costs
(31,446)
(31,337)
(60,830)
Administrative expenses
(5,319)
(5,573)
(10,857)
Other operating income
3
192
150
351
Adjusted operating profit1
5,755
5,247
9,199
Amortisation of acquired intangible assets and share-based payment expense
4
(254)
(221)
(353)
Gains on mark to market of derivatives
582
494
686
Non-recurring items
-
-
(5,881)
Operating profit
6,083
5,520
3,651
Interest income
230
197
306
Interest expense
(561)
(585)
(1,082)
Share of profits in joint ventures using the equity method
622
553
823
Adjusted profit before taxation2
6,046
5,412
9,246
Amortisation of acquired intangible assets and share-based payment expense
4
(254)
(221)
(353)
Gains on mark to market of derivatives
582
494
686
Share of tax incurred by joint venture
(156)
(138)
(206)
Non-recurring items
4
-
-
(5,881)
Profit before taxation
6,218
5,547
3,492
Taxation
5
(1,286)
(1,316)
(1,206)
Profit for the period
6
4,932
4,231
2,286
Other comprehensive (expense) / income
Items that will be reclassified subsequently to profit or loss:
- Net change in the fair value of cashflow hedges taken to equity (net of tax)
50
39
(29)
- Recycled cashflow hedge taken to income statement
(96)
(96)
20
(46)
(57)
(9)
Total comprehensive earnings for the period
4,886
4,174
2,277
Earnings per share (pence)
Basic earnings per share
10
21.33
18.40
9.88
Diluted earnings per share
10
20.61
18.30
9.59
Adjusted earnings per share (pence)
Basic adjusted earnings per share
20.94
18.11
35.12
Diluted adjusted earnings per share
20.23
18.01
34.08
1Adjusted operating profit excludes amortisation of acquired intangibles, share-based payment expenses, gains or losses on mark to market of derivatives and non-recurring items.
2Adjusted profit before taxation excludes amortisation of acquired intangibles, share-based payment expenses, gains or losses on mark to market of derivatives, non-recurring items and the share of tax incurred by joint ventures.
CONSOLIDATED BALANCE SHEET
As at 30 April 2026
Note
Unaudited 30 April 2026
£'000
Unaudited 30 April 2025
£'000
Audited 31 October 2025
£'000
NON-CURRENT ASSETS
Goodwill
15,530
15,530
15,530
Intangible assets
4,514
4,728
4,514
Investment property
1,850
1,850
1,850
Property, plant and equipment
25,261
23,020
24,949
Right-of-use assets
7
16,531
18,108
17,491
Investments accounted for using equity method
3,995
4,590
3,528
Derivative financial instruments
-
-
-
67,681
67,826
67,862
CURRENT ASSETS
Assets held for sale
1,266
1,266
1,266
Inventories
50,657
53,036
47,454
Trade and other receivables
104,539
91,595
75,094
Financial assets - loan to joint ventures
600
600
600
Cash and cash equivalents
8
11,626
11,010
26,464
Current tax asset
154
-
1,666
Derivative financial instruments
379
32
45
169,221
157,539
152,589
TOTAL ASSETS
236,902
225,365
220,451
CURRENT LIABILITIES
Financial liabilities - borrowings
8
(748)
(726)
(746)
Lease liabilities
7
(2,437)
(3,987)
(2,875)
Trade and other payables
(79,402)
(66,552)
(62,811)
Current tax liabilities
-
(1,537)
-
Provisions
(2,118)
(370)
(3,244)
Derivative financial instruments
(60)
(84)
(25)
(84,765)
(73,256)
(69,701)
NET CURRENT ASSETS
84,456
84,283
82,888
NON-CURRENT LIABILITIES
Lease liabilities
7
(12,578)
(12,554)
(13,079)
Trade and other payables
(6)
(7)
(6)
Derivative financial instruments
(-)
(354)
(161)
Deferred tax liabilities
(4,693)
(2,916)
(4,749)
(17,277)
(15,831)
(17,995)
TOTAL LIABILITIES
(102,042)
(89,087)
(87,696)
NET ASSETS
134,860
136,278
132,755
EQUITY
Share capital
5,782
5,782
5,782
Share premium
44,022
44,022
44,022
Share-based payments
676
618
569
Cash flow hedge reserve
(20)
(22)
26
Other reserves
1,115
1,492
1,115
Retained earnings
83,285
84,386
81,241
TOTAL EQUITY
134,860
136,278
132,755
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 30 April 2026
Share capital
Share premium
Share-based payment
Cashflow hedge reserves
Other reserves
Retained earnings
Total
Group
£000
£000
£000
£000
£000
£000
£000
At 31 October 2024
5,782
44,022
506
35
1,492
83,012
134,849
Profit for the period
-
-
-
-
-
4,231
4,231
Net change in the fair value of cashflow hedges taken to equity, net of tax
-
-
-
39
-
-
39
Recycle cashflow hedge to income statement
-
-
-
(96)
-
-
(96)
Total comprehensive income
-
-
-
(57)
- -
4,231
4,174
Transactions with owners
Share-based payment
-
-
112
-
-
(112)
-
Dividends
-
-
-
-
-
(2,745)
(2,745)
-
-
112
-
-
(2,857)
(2,745)
At 30 April 2025
5,782
44,022
618
(22)
1,492
84,386
136,278
Profit for the period
-
-
-
-
-
(1,945)
(1,945)
Net change in the fair value of cashflow hedges taken to equity, net of tax
-
-
-
(68)
-
-
(68)
Recycle cashflow hedge to income statement
-
-
-
116
-
-
116
Total comprehensive income
-
-
-
48
-
(1,945)
(1,897)
Transactions with owners
Share-based payment
-
-
(49)
-
-
112
63
Purchase of own shares
-
-
-
-
(377)
(377)
Dividends
-
-
-
-
-
(1,312)
(1,312)
-
-
(49)
-
(377)
(1,200)
(1,626)
At 31 October 2025
5,782
44,022
569
26
1,115
81,241
132,755
Profit for the period
-
-
-
-
-
4,932
4,932
Net change in the fair value of cashflow hedges taken to equity, net of tax
-
-
-
50
-
-
50
Recycle cashflow hedge to income statement
-
-
-
(96)
-
-
(96)
Total comprehensive income
-
-
-
(46)
-
4,932
4,886
Transactions with owners
Share-based payment
-
-
107
-
-
(107)
-
Dividends
-
-
-
-
-
(2,781)
(2,781)
-
-
107
-
-
(2,888)
(2,781)
At 30 April 2026
5,782
44,022
676
(20)
1,115
83,285
134,860
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 April 2026
Unaudited six months ended 30 April 2026
Unaudited six months ended 30 April 2025
Audited year ended 31 October 2025
Note
£'000
£000
£000
Cash flows from operating activities
Cash (used in) / generated from operations
6
(7,057)
(16,101)
7,270
Interest received - cash
230
197
306
Interest paid - cash
(561)
(123)
(156)
Tax paid
(159)
923
(192)
Net cash (used in) / generated from operating activities
(7,547)
(15,104)
7,228
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
163
176
577
Purchase of property, plant and equipment
(1,512)
(1,753)
(5,822)
Acquisition of subsidiary undertaking, net of cash acquired
-
(41)
(42)
Disposal of investments
-
-
81
Dividends received from joint ventures and associates
-
-
1,265
Net cash used by investing activities
(1,349)
(1,618)
(3,941)
Cash flows from financing activities
Purchase of own shares
(162)
-
(189)
Lease repayments
7
(2,984)
(3,030)
(6,094)
Repayment of borrowings
-
(4,738)
(4,743)
Dividends paid to shareholders
12
(2,781)
(2,745)
(4,057)
Net cash used in financing activities
(5,927)
(10,513)
(15,083)
Net (decrease) / increase in cash and cash equivalents
(14,823)
(27,235)
(11,796)
Effects of exchange rate changes
(15)
(44)
(29)
Cash and cash equivalents at the beginning of the period
26,464
38,289
38,289
Cash and cash equivalents at the end of the period
8
11,626
11,010
26,464
NOTES TO THE ACCOUNTS
1. GENERAL INFORMATION AND MATERIAL ACCOUNTING POLICIES
Wynnstay Group Plc is a company incorporated and domiciled in the United Kingdom. It is a leading integrated partner to UK agriculture operating through three reporting segments: Feed & Grain, Arable and Stores. Further information on the Group's operating segments are provided in Note 2.
Basis of Preparation
The Interim Report was approved by the Board of Directors on 29 June 2026.
The condensed financial statements for the six months to the 30 April 2026 have been prepared in accordance with International Accounting Standard (IAS) 34 and the Disclosure Guidance and Transparency Rules sourcebook of the UK's Financial Conduct Authority.
The financial information for the Group for the year ended 31 October 2025 set out above is an extract from the published financial statements for that year, which have been delivered to the Registrar of Companies. The auditor's report on those financial statements was not qualified and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006.
The information contained in this document does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial information for the six months ended 30 April 2026 and for the six months ended 30 April 2025 are unaudited. The consolidated financial statements are presented in sterling, which is also the Group's functional currency. Amounts are rounded to the nearest thousand, unless otherwise stated.
The condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements for the year ended 31 October 2025, which have been prepared in accordance with UK adopted International Accounting Standards.
Going Concern
The Directors have assessed the Group's ability to continue as a going concern and are satisfied that it remains appropriate to prepare the condensed consolidated interim financial statements on this basis.
In making this assessment, the Directors have reviewed the Group's latest forecasts, cash flow projections and available banking facilities. The Group continues to maintain a strong balance sheet, appropriate levels of liquidity and substantial headroom against its banking facilities and covenant requirements.
The Directors have considered a range of reasonably possible trading scenarios, together with the principal risks and uncertainties facing the business, including agricultural market volatility, commodity price movements, inflationary cost pressures and wider macroeconomic conditions. Based on this assessment, the Directors are satisfied that the Group has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future.
Accordingly, the Directors continue to adopt the going concern basis in preparing these condensed consolidated interim financial statements.
Alternative performance measures
The Group uses alternative performance measures ("APMs"), including Adjusted Operating Profit and Adjusted Profit Before Tax, to provide additional insight into the underlying performance of the business. These measures are used internally by management to assess performance and are presented to assist users of the financial statements in understanding the Group's financial performance. Reconciliations to the closest IFRS measures are provided.
Adjusted Operating Profit represents statutory operating profit before non-recurring items, amortisation of acquired intangible assets, share-based payment expenses and fair value movements on derivative financial instruments. Adjusted Profit Before Tax is statutory profit before taxation adjusted on the same basis, together with the share of tax incurred by joint ventures.
Non-recurring items
Non-recurring items comprise material items of income or expense which, due to their nature, size or incidence, are not considered to form part of the Group's underlying trading performance. Such items may include restructuring and integration costs, gains or losses on the disposal of businesses or assets, significant asset impairments, acquisition-related costs, or other material items that the Directors believe should be disclosed separately to assist understanding of the Group's underlying financial performance. Where relevant, non-recurring items are presented separately within the income statement to provide greater clarity over the underlying trading results of the Group.
2. SEGMENTAL REPORTING
IFRS 8 requires operating segments to be identified on the basis of internal financial information about the components of the Group that are regularly reviewed by the chief operating decision maker ("CODM") to allocate resources to the segments and to assess their performance. The chief operating decision maker has been identified as the Board of Directors ("the Board"). The Board reviews the Group's internal reporting in order to assess performance and allocate resources. The Board has determined that the operating segments, based on these reports are Feed and Grain, Arable and Stores.
Feed and Grain - Feed & Grain manufactures compound and blended feeds for dairy, beef, sheep and poultry enterprises, supplies feed raw materials and delivers its crop trading and combinable crop marketing services through the unified GrainLink platform. The consolidation of all trading activities under GrainLink has created a single, scaled commercial team with enhanced capability, broader geographic reach and improved customer access across Great Britain. The division has a well-established presence in its core regions and remains central to Wynnstay's long-term growth ambitions.
Arable - Arable supplies blended and straight fertiliser, a broad range of agricultural and environmental seed, and operates one of the UK's leading seed processing and distribution facilities. Through the Glasson Fertilisers brand, Wynnstay is the country's second-largest fertiliser blender, offering high-quality, bespoke formulations to farming enterprises across the UK.
Stores - Wynnstay operates 51 stores serving farmers, rural enterprises and local communities across England and Wales. Stores provide a broad range of agricultural supplies, animal health products, farm hardware, clothing, feed, and rural living essentials. The network is complemented by multi-channel routes to market, including a trading desk, direct-to-farm delivery, and a digital platform.
The Board assesses the performance of the operating segments based on a measure of profit before tax (Adjusted Profit Before Tax). Other information provided to the Board is measured in a manner consistent with that in the financial statements.
Feed
and Grain
Arable
Stores
Total
Six months ended 30 April 2026 (unaudited):
£000
£000
£000
£000
Revenue
145,544
88,397
70,160
304,101
Gross profit
16,259
8,712
17,357
42,328
Result
Adjusted operating profit
1,575
2,155
2,025
5,755
Amortisation of acquired intangible assets and share-based payment expense
(184)
(20)
(50)
(254)
Gain on mark to market of derivatives
582
-
-
582
Operating profit
1,973
2,135
1,975
6,083
Adjusted profit before taxation
2,172
1,904
1,970
6,046
Amortisation of acquired intangible assets and share-based payment expense
(184)
(20)
(50)
(254)
Gain on mark to market of derivatives
582
-
-
582
Share of tax incurred by joint ventures and associates
(156)
-
-
(156)
Profit before taxation
2,414
1,884
1,920
6,218
Income tax expense
(500)
(390)
(396)
(1,286)
Profit for the period
1,914
1,494
1,524
4,932
Other information
Depreciation and amortisation
(1,046)
(794)
(1,534)
(3,374)
Property, plant and equipment additions
786
350
377
1,513
Balance sheet
Segment assets
86,516
73,417
76,969
236,902
Segment liabilities
(48,773)
(28,345)
(24,924)
(102,042)
Net assets
37,743
45,072
52,045
134,860
Feed
and Grain
Arable
Stores
Total
Six months ended 30 April 2025 (unaudited):
£000
£000
£000
£000
Revenue
160,509
71,445
72,988
304,942
Gross profit
16,199
6,670
19,138
42,007
Result
Adjusted operating profit
393
1,524
3,330
5,247
Amortisation of acquired intangible assets and share-based payment expense
(138)
(9)
(74)
(221)
Gain on mark to market of derivatives
494
-
-
494
Operating profit
749
1,515
3,256
5,520
Adjusted profit before taxation
908
1,429
3,075
5,412
Amortisation of acquired intangible assets and share-based payment expense
(138)
(9)
(74)
(221)
Gain on mark to market of derivatives
494
-
-
494
Share of tax incurred by joint ventures and associates
(138)
-
-
(138)
Profit before taxation
1,126
1,420
3,001
5,547
Income tax expense
(267)
(337)
(712)
(1,316)
Profit for the period
859
1,083
2,289
4,231
Other information
Depreciation and amortisation
(1,154)
(581)
(1,585)
(3,320)
Property, plant and equipment additions
1,578
2,658
962
5,198
Balance sheet
Segment assets
89,427
61,797
74,141
225,365
Segment liabilities
(35,280)
(30,966)
(22,841)
(89,087)
Net assets
54,147
30,831
51,300
136,278
Feed & Grain
Arable
Stores
Total
Year ended 31 October 2025:
£000
£000
£000
£000
Revenue
314,704
125,637
143,095
583,436
Gross Profit
30,282
13,485
36,768
80,535
Result
Adjusted Operating Profit
518
2,404
6,277
9,199
Amortisation of acquired intangible assets and share-based payment expense
(252)
(12)
(89)
(353)
Unrealised derivative losses
686
-
-
686
Non-recurring items
(4,579)
(140)
(1,162)
(5,881)
Operating Profit
(3,627)
2,252
5,026
3,651
Adjusted Profit before taxation
1,267
2,273
5,706
9,246
Amortisation of acquired intangible assets and share-based payment expense
(252)
(12)
(89)
(353)
Unrealised derivative losses
686
-
-
686
Share of tax incurred by joint ventures and associates
(206)
-
-
(206)
Non-recurring items
(4,579)
(140)
(1,162)
(5,881)
Profit before taxation
(3,084)
2,121
4,455
3,492
Income tax expense
1,065
(732)
(1,539)
(1,206)
Profit for the year
(2,019)
1,389
2,916
2,286
Other information
Depreciation and amortisation
(2,721)
(746)
(2,757)
(6,224)
Property, plant and equipment additions
4,948
3,557
2,862
11,367
Balance Sheet
Segment assets
87,834
59,181
73,436
220,451
Segment liabilities
(36,648)
(26,522)
(24,526)
(87,696)
Net assets
51,186
32,659
48,910
132,755
3. OTHER OPERATING INCOME
Unaudited six months ended 30 April 2026
Unaudited six months ended 30 April 2025
Audited year ended 31 October 2025
£000
£000
£000
Rental Income
188
145
157
R&D Tax Income
-
-
189
Investment Income
4
4
4
Government Grant Income
-
1
1
Other Operating Income Totals
192
150
351
4. AMORTISATION OF ACQUIRED INTANGIBLE ASSETS, SHARE-BASED PAYMENTS AND NON RECURRING ITEMS
Unaudited six months ended 30 April 2026
Unaudited six months ended 30 April 2025
Audited year ended 31 October 2025
£000
£000
£000
Amortisation of acquired intangibles and share-based payment expense
Amortisation of acquired intangibles
147
109
218
Share based payments
107
112
63
Share-based payment charge arising on transfer of shares between employee benefit trusts
-
-
72
254
221
353
Non-recurring items
Business reorganisation expenses
-
-
1,744
Closure of manufacturing operations
-
-
4,137
-
5,881
HSE Investigation
As previously disclosed in the Group's Annual Report and Accounts for the year ended 31 October 2025, the Group remains subject to an investigation by the Health and Safety Executive ("HSE") in relation to a fatality at one of the Group's operating sites in January 2025.
The Group continues to cooperate fully with the HSE and all relevant authorities. At the date of approval of these condensed consolidated interim financial statements, the investigation remains ongoing and no enforcement action has been concluded.
Based on the information currently available, the Directors remain unable to reliably estimate either the likelihood or the quantum of any potential financial impact arising from this matter and, accordingly, no provision has been recognised in these financial statements. The position will continue to be monitored and reassessed as further information becomes available.
5. TAXATION
The tax charge for the six month periods ended 30 April 2026 and 30 April 2025 are based on the apportionment of the estimated tax charge for the respective full years.
The effective tax rate is 20.7% (6 months ended 30 April 2025: 23.7%).
6. CASH (USED IN) / GENERATED FROM OPERATIONS
Unaudited six months ended 30 April 2026
Unaudited six months ended 30 April 2025
Audited year ended 31 October 2025
£000
£000
£000
Profits for the year from operations
4,932
4,231
2,286
Adjustments for:
Taxation
1,286
1,316
1,206
Depreciation of tangible fixed assets
748
1,074
2,113
Amortisation of right-of-use assets
2,479
2,248
4,600
Amortisation of other intangible fixed assets
147
109
218
(Profit) / loss on disposal of property, plant and equipment
(66)
(119)
563
Interest on lease liabilities
526
462
926
Net Interest expense
(194)
(74)
(150)
Share of post-tax results of joint ventures
(467)
(415)
(617)
Share-based payments
107
112
63
Share-based payment charge arising on transfer of shares between employee benefit trusts
-
-
73
Derivative held at fair value
583
354
(549)
Hedge ineffectiveness
34
(39)
15
Government grants
-
(1)
(2)
Net movement in provisions
(1,126)
(829)
2,045
Changes in working capital (excluding effects of acquisitions and disposals of subsidiaries):
(Increase) / Decrease in inventories
(3,203)
(9,708)
(4,127)
(Increase) / Decrease in trade and other receivables
(29,435)
(20,682)
(4,705)
Increase / (Decrease) in payables
16,592
5,860
3,312
Cash (used in) / generated from operations
(7,057)
(16,101)
7,270
Cash and cash equivalents
Cash and cash equivalents are all non-restricted balances and are all cash at bank and held with HSBC UK Bank Plc, except for £685,000 (2025: £981,000) which is held at International FC Stones for wheat futures hedging purposes. HSBC UK Bank Plc's credit rating per Moody's for long-term deposits is Aa3 (2025: Aa3). £1,384,000 of the cash and cash equivalent balances are denominated in foreign currencies, EUR (96%) and USD (4%) (2025: £940,000, in EUR (87%) and USD (2%)). All other amounts are denominated in GBP and are booked at fair value.
Loan stock is redeemable at par at the option of the Company or the holder. Interest of 4.0% (2025: 5.0%) per annum is payable to the holders.
7. LEASES
Land and Buildings
Plant, Machinery and Motor Vehicles
Total
Right-of-use assets
£000
£000
£000
As at 31 October 2024
9,560
7,359
16,919
Additions
1,967
1,483
3,450
Depreciation
(1,123)
(1,138)
(2,261)
As at 30 April 2025
10,404
7,704
18,108
Additions
1,122
974
2,096
Reclassifications
-
(265)
(265)
Depreciation
(1,224)
(1,115)
(2,339)
Disposals
(55)
(54)
(109)
As at 31 October 2025
10,247
7,244
17,491
Additions
1,519
-
1,519
Depreciation
(1,246)
(1,233)
(2,479)
As at 30 April 2026
10,520
6,011
16,531
Land and Buildings
Plant, Machinery and Motor Vehicles
Total
Lease liabilities
£000
£000
£000
As at 31 October 2024
10,030
5,628
15,658
Additions
1,967
1,483
3,450
Interest expense
240
222
462
Lease payment
(1,361)
(1,668)
(3,029)
As at 30 April 2025
10,876
5,665
16,541
Additions
1,122
973
2,095
Disposals
(59)
(23)
(82)
Interest expense
233
231
464
Lease payment
(1,355)
(1,709)
(3,064)
As at 31 October 2025
10,817
5,137
15,954
Additions
1,519
-
1,519
Disposals
-
-
-
Interest expense
271
255
526
Lease payment
(1,480)
(1,504)
(2,984)
As at 30 April 2026
11,127
3,888
15,015
Within one year
One to two years
Two to five years
Over five years
Total
Lease liability ageing
£000
£000
£000
£000
£000
As at 30 April 2026
2,437
2,337
6,435
3,806
15,015
As at April 2025
3,987
7,210
3,616
1,728
16,541
8. NET CASH
Unaudited six months ended 30 April 2026
Unaudited six months ended 30 April 2025
Audited year ended 31 October 2025
£000
£000
£000
Cash and cash equivalents per balance sheet
11,626
11,010
26,464
Bank overdrafts repayable on demand
-
-
-
Cash and cash equivalents per balance sheet
11,626
11,010
26,464
Bank loans due within one year or on demand
-
-
-
Loan stock (unsecured)
(748)
(726)
(746)
Net cash/ (debt) due within one year
10,878
10,284
25,718
Bank loans due after one year
-
-
-
Total net cash/ (debt) excluding leases
10,878
10,284
25,718
9. FINANCIAL INSTRUMENTS
Unaudited six months ended 30 April 2026
Unaudited six months ended 30 April 2025
Audited year ended 31 October 2025
£000
£000
£000
Cash and cash equivalents per balance sheet
11,626
11,010
26,464
Trade receivables, net of loss allowance
91,780
85,749
71,505
Loan to joint venture
600
600
600
Derivative financial instruments
379
32
45
Financial assets
104,385
97,391
98,614
Bank loans and other borrowings
748
726
746
Lease liabilities
15,015
16,541
15,954
Trade payables and other payables
72,512
66,407
56,263
Accruals
6,831
-
5,716
Deferred and contingent consideration
-
25
25
Derivative financial instruments
60
438
186
Financial liabilities
95,166
84,137
78,890
Fair Value
Amortised Cost
30 April 2026
30 April 2025
31 October 2025
30 April 2026
30 April 2025
31 October 2025
£000
£000
£000
£000
£000
£000
Trade receivables, net of loss allowance
91,780
85,749
71,505
Loan to joint venture
600
600
600
Derivative financial instruments
379
32
45
-
-
-
Financial assets
379
32
45
92,380
86,349
72,105
Bank loans and other borrowings
-
-
748
726
746
Lease liabilities
-
-
-
15,015
16,541
15,954
Trade payables and other payables
-
-
-
72,512
66,407
56,263
Accruals
-
-
-
6,831
-
5,716
Deferred and contingent consideration
-
25
25
-
-
-
Derivative financial instruments
60
438
186
-
-
-
Financial liabilities
60
463
211
95,106
83,674
78,679
10. EARNINGS PER SHARE
Unaudited six months ended 30 April 2026
Unaudited six months ended 30 April 2025
Audited year ended 31 October 2025
Basic
Weighted average number of shares in issue (000)
23,127
23,000
23,127
Earnings per share
21.33p
18.40p
9.88p
Diluted
Weighted average number of shares in issue (000)
23,932
23,127
23,833
Earnings per share
20.61p
18.30p
9.59p
11. SHARE CAPITAL
Number of shares
Nominal value
000
£000
As at 31 October 2024
23,128
5,782
Issue of shares
-
-
As at 30 April 2025
23,128
5,782
Issue of shares
-
-
As at 31 October 2025
23,128
5,782
Issue of shares
-
-
As at 30 April 2026
23,128
5,782
12. DIVIDENDS
During the period ended 30 April 2026, an amount of £2,781,000 (2025: £2,745,000) was charged to reserves in respect of equity dividends paid.
An interim dividend of 5.9p per share (2025: 5.7p) will be paid on 30 October 2026 to shareholders on the register on 2 October 2026.
13. OTHER RESERVES
Included in Other reserves are share-based payments as the Group issues equity settled share-based payments to certain employees. Equity settled share-based payments are measured at fair value at the date of the grant.
The fair value determined at the grant date of the equity settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of shares that will eventually vest. The cashflow hedge reserve, which represents the IFRS9 fair values realised through other comprehensive income. The Group operates a number of share option and 'Save As You Earn' schemes and fair value is measured by use of a recognised valuation model.
The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. At the 30 April 2025 the ESOP Trust, which is consolidated within the Group financial statements, held 58,000 (2024: 82,000) Ordinary Shares in the Group.
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