REG - Wynnstay Group PLC - Trading Update

WynnstayAnnouncement

04/05/2022 07:00

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RNS Number : 2491K  Wynnstay Group PLC  04 May 2022

4 April 2022

AIM: WYN

 

 

Wynnstay Group plc

("Wynnstay" or "the Group")

 

Trading Statement

 

Wynnstay, the agricultural and specialist merchanting group, provides the
following update on current trading.

At the Company's Annual General Meeting on 22 March 2022, the Board reported
that trading in the first four months of the new financial year had been in
line with management expectations across core activities, while fertiliser
operations at Glasson had continued to experience substantial one-off gains.
This was as a result of sharply rising fertiliser commodities prices, caused
by significant increases in the world price of natural gas, which is used to
produce ammonium nitrate fertiliser. Since then, fertiliser commodities prices
have remained abnormally high, reflecting the consequences of military
conflict in Ukraine, including the disruption of supplies from Russia.

The Board therefore now expects the Group's pre-tax profits for the year to
October 2022 to exceed current market expectations. Group revenue will also be
significantly increased by commodity price inflation across all activities,
including feed, however it should also be noted that the Group's absolute unit
margin model means that Group operating profit will not benefit
proportionately.

Interim results are expected to be reported at the end of June/early July when
the Board also will provide a further update on trading.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

 

Enquiries:

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

                                   Paul Roberts, Finance Director   T: 01691 827 126

 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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