REG - Wynnstay Group PLC - AGM Statement

WynnstayAnnouncement

26/03/2024 07:00

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RNS Number : 2329I  Wynnstay Group PLC  26 March 2024

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 Executive Chairman, Steve Ellwood,
will make the following comment on current trading.

 

"As we anticipated when the Group reported its final results in late January
2024, trading conditions have remained challenging. This has been driven by a
combination of the persistent wet weather conditions and weak farmer
confidence, which has been weighed down by the uncertainties over new
governmental support schemes and weaker farmgate prices for certain outputs,
including milk.

 

 "The Group has managed effectively these challenges as well as increased
energy and labour costs. The Group's working capital position has improved
year-on-year, helped by commodity input price deflation.

 

"In recent weeks, there has been an uplift in milk prices, which is
encouraging, and we expect the fertiliser sales that were held back by the wet
weather conditions to come through in late spring. As anticipated, there has
been strong demand for spring seed, after the failure of the winter sowing
season, but stock availability has been limited.

 

"The spring months represent our busiest period and, at this point in time,
the Board's expectations for the full year remain unchanged.

 

"The Group's strong balance sheet, balanced business model, and good cash
generation continue to provide significant advantages in the current market
and we remain focused on delivering our strategic growth ambitions."

 

Enquiries:

 

 Wynnstay Group plc                Steve Ellwood, Executive Chairman                                    T: 01691 827 142

                                   Rob Thomas, Group Finance Director

 KTZ Communications                Katie Tzouliadis / Robert Morton                                     T: 020 3178 6378

 Shore Capital (Nomad and Broker)  Stephane Auton / Tom Knibbs / Rachel Goldstein (Corporate Advisory)  T: 020 7408 4090

                                   Henry Willcocks (Corporate Broking)

 

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