REG - Wynnstay Group PLC - AGM Statement

WynnstayAnnouncement

22/03/2022 07:00

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RNS Number : 5023F  Wynnstay Group PLC  22 March 2022

22 March 2022

AIM: WYN

 

 

Wynnstay Group plc

("Wynnstay" or "the Group")

 

AGM Statement

 

Wynnstay, the agricultural and specialist merchanting group, will be holding
its Annual General Meeting this morning and Chairman, Steve Ellwood, will make
the following comment on current trading:

"I am pleased to report that trading in the first four months of the new
financial year has been in line with management expectations across core
activities, while fertiliser operations at Glasson have continued to
experience one-off gains from the exceptional current trading environment that
has been sustained into the current financial year. Market volatility across
most commodities has persisted, with material price increases since the start
of the calendar year. The recent outbreak of war in Ukraine has exacerbated
this, and raised concerns over the supply of fertiliser and wheat, in
particular. Energy and transport costs also remain a challenge. Wynnstay has
managed these difficult circumstances well, and once again the Group's broad
spread of activities is proving a major strength. Farmgate prices have
remained strong, enabling customers to absorb elements of this inflation,
although higher prices are expected to curtail some demand.

"On 18 March, the business completed the acquisition of Humphrey Feeds Ltd and
its associated pullets business for an initial consideration of £9.5m. As
previously reported, the acquisition is expected to be immediately earnings
enhancing, and furthers the Group's feed activity in the growing free range
egg sector, expands its manufacturing capacity, and opens up expansion
opportunities in the South of England.

"The Board remains very grateful for the resilience and support demonstrated
by all colleagues, especially as the coronavirus pandemic has more recently
caused increased levels of absence through necessary self-isolation.
Investment plans continue and will support growth and greater efficiencies.
Wynnstay remains well-placed to achieve its goals for the current financial
year."

 

Enquiries:

 Wynnstay Group plc                Gareth Davies, Chief Executive   T: 020 3178 6378 (today)

                                   Paul Roberts, Finance Director   T: 01691 827 142

 KTZ Communications                Katie Tzouliadis                 T: 020 3178 6378

                                   Dan Mahoney

 Shore Capital (Nomad and Broker)  Stephane Auton / Patrick Castle  T: 020 7408 4090

                                   John More

 

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