REG - Wynnstay Group PLC - AGM Statement

WynnstayAnnouncement

21/03/2023 07:00

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RNS Number : 5778T  Wynnstay Group PLC  21 March 2023

AIM: WYN

 

 

Wynnstay Group Plc

("Wynnstay" or the "Group" or the "Company")

 

AGM Statement

 

Wynnstay the agricultural and specialist merchanting group will be holding its
Annual General Meeting this morning and will make the following comment on
current trading.

 

Trading in the first four months of the new financial year has been broadly in
line with management expectations. The Group is now entering the most
important period in its first half, with activity seasonally high as farmers
purchase inputs for their livestock and arable operations. As expected, the
Group's fertiliser blending activity at Glasson has had to contend with the
reversal of the spike in urea and ammonium nitrate prices, which are now close
to the pre-exceptional levels of late 2021. While this reversal has impacted
margins, Glasson has managed the volatile period well and is now replacing its
fertiliser raw materials at these more sustainable levels.

 

Cost management remains a factor for farmers and while input pricing pressures
are decreasing, some farmgate prices are also reducing. Wynnstay's balanced
business model will help the Group to mitigate the expected variations in
performance across the farming sectors.

 

Tamar Milling, the manufacturer and supplier of blended feed products based in
Cornwall and acquired at the start of the new financial year, is integrating
well.  The business has made a very encouraging first contribution to results
and is increasing the Group's profile in the south-west of England.

 

Clarification of the Government's Environmental Land Management scheme
continues with Defra providing further updates and refinements to the scheme.
This clarification has been helpful and enables the Group to focus on its
'whole farm' approach to help farmers deliver their environmental activities.

 

Despite the current uncertainties in the sector, the Group remains well placed
to deliver a good outcome for the year and make further progress with its
strategic plans, which will strengthen its position in the sector.

 

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 / Robert Morton               T: 020 3178 6378

 Shore Capital (Nomad and Broker)  Stephane Auton / John More / Rachel Goldstein  T: 020 7408 4090

 

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