REG - Wynnstay Group PLC - Final Results
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RNS Number : 2152S Wynnstay Group PLC 09 February 2026
9 February 2026
AIM: WYN
Wynnstay Group plc
("Wynnstay" or "the Group" or "the Company")
Agricultural supplies and services group
Final Results for the year ended 31 October 2025
Strong operational and financial performance in line with recent upgraded
market expectations
Results Summary
2025 2024 Change
Revenue £583.4m £613.1m -4.8%
Gross profit £80.5m £79.2m +1.6%
Adjusted operating profit(1) £9.2m £7.9m +16.5%
Adjusted profit before taxation(2) £9.2m £7.6m +21.1%
Adjusted earnings per share(3) 28.8p 23.8p +21.0%
Net cash(4) £25.7m £32.8m -21.6%
Total dividend per share 17.8p 17.5p +1.7%
Statutory results
Operating profit £3.7m £4.6m -19.6%
Profit before taxation £3.5m £4.1m -14.6%
Earnings per share 9.88p 12.12p -18.4%
Net cash - full IFRS 16 £9.8m £17.2m -43.0%
(1)Adjusted operating profit excludes amortisation of acquired intangibles,
share based payment expenses, losses on mark to market of derivatives and
non-recurring items.
(2)Adjusted 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
(4)Net cash excluding IFRS 16 leases
Financial Highlights
· Strong performance in line with recently upgraded market
expectations, driven by early, tangible benefits from the Group's operating
changes, including improved pricing and product mix execution, stronger
margins and tighter cost control.
· Adjusted profit before tax increased to £9.2m (2024: £7.6m) and
adjusted operating profit increased to £9.2m (2024: £7.9m), driven by
improved margins and the benefits of the operating efficiencies delivered
during the year.
· Gross profit increased to £80.5m (2024: £79.2m), supported by
improved pricing, mix and cost control.
· Revenue decreased to £583.4m (2024: £613.1m), primarily due to
lower manufactured feed and traded feed raw material activity as well as lower
grain prices following another weak UK harvest.
· Non-recurring items of £5.9m (2024: £2.3m) arose from the
Group-wide operating asset review and integration activity to establish a more
efficient operating model; no further material restructuring charges expected
in FY26 (as previously guided).
· Net cash of £25.7m (excluding IFRS 16 leases) at year end (2024:
£32.8m), maintaining a strong balance sheet and investment capacity.
· Progressive dividend maintained: proposed final dividend 12.1p,
taking total dividend for the year to 17.8p (2024: 17.5p) marking 22 years of
unbroken dividend growth.
Operational Highlights
· Feed & Grain - adjusted profit before tax of £1.3m (2024:
£0.7m):
o Profitability improved year-on-year with margins strengthened and cost
savings delivered, while volumes were lower (following the planned poultry
transition and softer trading activity following a weak harvest). Trading
operations are now fully consolidated under the GrainLink model, enhancing
scale and customer reach.
· Arable - adjusted profit before tax of £2.3m (2024: £1.4m):
o Improved year-on-year profitability, supported by higher blended
fertiliser volumes under the Glasson Fertilisers brand and the successful
commissioning of the Avonmouth blending facility, alongside disciplined
pricing and purchasing.
· Stores - adjusted profit before tax of £5.7m (2024: £5.5m):
o Like-for-like retail sales broadly unchanged and operating performance
improved, supported by pricing actions and tight cost management.
Project Genesis
· Project Genesis was established as a three year plan to create a
more efficient operating model that would drive higher margins, profits and
cash generation and support the Group's wider growth plans and value creation.
· The design phase of Project Genesis was completed during FY25,
including core integration, reorganisation and operating asset review
activities. This will deliver a more efficient, cohesive and better-controlled
operating platform.
· Project Genesis has now entered its second phase, aimed at
achieving sustained operational and financial delivery further enhancing
margins, cost efficiency, and returns.
Introducing Wynnstay Strategy Genesis: The Group's five year growth plan
· Building on the improved operational foundations delivered by
Project Genesis, the Group recently launched Wynnstay Strategy Genesis, its
five-year growth plan focussed on the next phase of the Group's strategic and
financial progress; accelerating growth, enhancing returns and strengthening
market position.
· The strategy focuses on targeted capacity investment, improved
customer propositions, increased share of wallet in core markets, and
disciplined capital allocation.
· While Project Genesis will remain active through to its
completion in 2027, ongoing reporting disclosure will see Project Genesis
referenced in the context of the operating foundations it has delivered, while
Wynnstay Strategy Genesis will provide the primary framework for communicating
the Group's strategic progress and growth.
Board Changes
· Chairman, Steve Ellwood, to step down at the AGM on 24 March
2026, having completed his term of ten years on the Board (including five
years as Chairman).
· Steven Esom, Senior Independent Non-Executive Director, to
succeed as Chairman, following an orderly succession process, ensuring
continuity as the Group moves into the next phase of its strategy.
· Following the Chairman succession, Catherine Bradshaw, currently
Independent Non-Executive Director, will be appointed Senior Independent
Non-Executive Director after the conclusion of the AGM.
Outlook
· Early trading in FY26 is in line with the Board's expectations,
and the Group remains focused on delivering further margin, cost and
efficiency gains.
· The Group is building on the initial stabilisation and
integration phase of Project Genesis into its newly-launched five-year growth
plan Wynnstay Strategy Genesis, supported by a stronger operating platform,
clear investment priorities and a robust balance sheet.
Steve Ellwood, Chairman of Wynnstay Group plc, commented:
"FY25 has been a year of significant progress for Wynnstay, with a stronger
underlying performance and clear early benefits from the operating changes
delivered during the year. The business enters FY26 in a materially
strengthened position, with a robust balance sheet, and a clearer platform for
growth under Wynnstay Strategy Genesis.
"At the AGM on 24 March 2026 I will step down as Chairman, having completed my
ten years on the Board. I am delighted that Steven Esom will succeed me as
Chairman following an orderly succession process, ensuring continuity of
leadership as the Group moves into the next phase of its strategy."
Alk Brand, Chief Executive Officer of Wynnstay Group plc, commented:
"FY25 has been a strong year for Wynnstay, with improved profitability and
early, tangible benefits from the work completed in Project Genesis to
simplify and strengthen the operating model. The dedication shown by
colleagues across the Group has been outstanding and we have laid important
foundations for the next stage of our development, Wynnstay Strategy Genesis.
"We enter FY26 with a clear strategy, strong operational capability and a
robust balance sheet. Trading in the early part of the new financial year is
in line with the Board's expectations, and we look forward with confidence as
we progress into Wynnstay Strategy Genesis and pursue sustainable growth and
improved returns."
Investor presentation
Management will be hosting a live online presentation for all existing and
potential shareholders via the Investor Meet Company platform at 9:00 am on 12
February 2026.
Questions can be submitted pre-event via the Investor Meet Company dashboard
up until 9:00 am the day before 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
(https://www.investormeetcompany.com/companies/wynnstay-group-plc)
For more information on Wynnstay please visit https://www.wynnstayplc.co.uk/
(https://www.wynnstayplc.co.uk/) , or contact:
Wynnstay Group plc:
Alk Brand, Chief Executive Officer Via Tavistock
Rob Thomas, Chief Financial Officer
Financial and Corporate communications:
Tavistock wynnstay@tavistock.co.uk (mailto:wynnstay@tavistock.co.uk)
Nick Dibden, Katie Hopkins, Grace Cooper +44 (0) 207 920 3150
Nomad and Broker:
Shore Capital +44 (0) 20 7408 4090
Stephane Auton/Tom Knibbs (Corporate Advisory)
Henry Willcocks (Corporate Broking)
CHAIRMAN'S STATEMENT
Overview
In my final Chairman's Statement, I am pleased to report a year of significant
progress for Wynnstay. FY25 marks the first full year of Project Genesis, a
three year transformation programme designed to reshape the Group's operating
model, sharpen commercial focus, improve efficiency and lay the foundations
for our future growth. The early benefits have been substantial and the design
phase is now complete, as is the Group-wide asset review we set out in our
interim results. The work undertaken during the year has created a much
stronger platform from which to pursue the Group's long-term ambitions and
positions us well as we enter FY26 and transition into Wynnstay Strategy
Genesis, our new five-year growth plan.
What has been most impressive is that this transformation has been delivered
as a true bottom-up programme, shaped and executed by colleagues across every
part of the Group. The commitment, professionalism and resilience shown
throughout this period of change have been exceptional. On behalf of the
Board, I would like to extend my sincere thanks to all colleagues for their
contribution.
Alongside this progress, we must also recognise the most difficult moment of
the year. In January, a colleague tragically lost his life at our
Llansantffraid site. This has had a profound impact on his family, friends and
the Wynnstay team. The HSE investigation remains ongoing, and we continue to
support the authorities fully. Safety remains paramount across the Group, and
the Board has overseen meaningful investment in strengthening systems,
governance and site standards.
Financial Performance
The Group delivered a stronger underlying performance in FY25. Adjusted profit
before tax increased to £9.2m, up from £7.6m last year, underpinned by clear
margin improvement and the early financial benefits of the operational changes
implemented during the year.
Gross profit increased to £80.5m (2024: £79.2m), supported by improved
pricing, tighter cost control and greater operational efficiency.
Non-recurring costs of £5.9m followed the completion of the Group-wide
operating asset review, the closure of two sites and the associated
integration activities, and were in line with expectations.
The Group generated operating cash flows consistent with the Board's
expectations and ended the year with net cash of £25.7m (pre-IFRS 16). This
continues to provide a solid foundation for investment and shareholder
returns.
Dividend
The Board remains committed to a progressive dividend policy. We propose a
final dividend of 12.1p per share, resulting in a total dividend of 17.8p for
the year (2024: 17.5p). This modest and sustainable progression demonstrates
the Group's strong cash generation and confidence in the outlook for FY26 and
marks 22 years of unbroken dividend growth.
Environmental, Social and Governance (ESG)
Wynnstay has long been a business built on strong values, deep regional roots
and close relationships with farming communities. Our approach to ESG is
grounded in both our heritage and the important role we play across rural
economies. We continue to adopt the Quoted Companies Alliance Corporate
Governance Code (the 'QCA Code') and remain focused on strengthening
governance across the Group.
During the year, we continued to refine our approach to climate-related risks
and opportunities and made further progress with renewable energy initiatives
across our operations. Through our seed, fertiliser and advisory services, we
also support farmers in adopting more sustainable and environmentally aligned
practices.
Wynnstay's longstanding presence in rural Britain gives us a meaningful and
positive impact on local communities. Throughout this period of operational
change, we have remained mindful of our responsibility as a major rural
employer and service provider, seeking to ensure that our actions support the
resilience and vitality of the regions we serve.
Board Changes
At the forthcoming Annual General Meeting ("AGM") on 24 March 2026, I will be
stepping down as Chairman of Wynnstay, having joined the Board on 1 April 2016
and assumed the role of Chairman on 14 February 2021. By the time of the AGM,
I will have completed my term of 10 years on the Board, including five years
as Chairman.
The Board has undertaken a structured and orderly succession process and I am
pleased that Steven Esom, currently the Group's Senior Independent
Non-Executive Director, will succeed me as Chairman.
Having joined the Board in 2023, Steven brings extensive senior executive
leadership experience across the UK food, retail and agricultural supply
sectors, together with deep listed company and governance expertise. He has
held some of the most senior leadership roles in UK food retail, including
Managing Director of Waitrose & Partners and Executive Director of Food at
Marks & Spencer, where he led large, complex businesses and worked closely
with farmers and agricultural supply chains.
Steven has played an important role in supporting the Board through the
development and early execution of the Group's transformation programme,
providing constructive challenge, commercial insight and strategic oversight.
His wider experience as Chair of Sedex and other regulated and consumer-facing
businesses further strengthens the Board's capability in governance,
sustainability and stakeholder engagement. His appointment ensures continuity
of leadership as Wynnstay moves into the growth phase of its five-year
strategy.
During the last year we welcomed two new Board members, David Christensen and
Cath Smith who bring a depth of farming and industry knowledge. I would like
to take this opportunity to thank all my fellow Board members, the executive
team and colleagues across the Group for their commitment and support.
Wynnstay remains a business with strong values, deep roots in its communities
and a clear sense of purpose. It has been a privilege to serve as the
Company's Chair and I am pleased to be stepping down at a point where the
Group is in a much stronger position. The transformation delivered over the
past 12 months has established a more scalable and efficient operating model,
a strong leadership team, and Wynnstay Strategy Genesis provides a clear and
compelling roadmap for future growth. I leave confident that the business is
well positioned to deliver improved performance and long-term value for
shareholders, customers and colleagues alike.
Outlook
Wynnstay enters FY26 in a materially strengthened position. The changes
implemented over the past year have created a more cohesive and resilient
operating model and a more efficient cost base. Trading in the early part of
the new financial year has been in line with the Board's expectations and we
anticipate further progress as the Group moves into the growth phase of its
strategy.
While the agricultural sector inevitably faces volatility, the strategic
foundations laid this year, combined with a strong balance sheet and engaged
colleagues, give the Board confidence in the Group's long-term prospects.
Steve Ellwood
Chairman
9 February 2026
CHIEF EXECUTIVE OFFICER'S REPORT
Overview
This has been my first full year as Chief Executive and it has been a year of
profound change, renewed discipline and meaningful progress for Wynnstay. I
have been struck by the strength of the business: the deep agricultural
knowledge across our teams, the strong relationships with farmers, and the
pride people take in serving our customers and communities. Wynnstay has
exceptional potential and we have taken important steps this year to unlock
that potential and position the Group for long-term growth.
FY25 has also been a year of significant operational challenge and transition.
Through Project Genesis, we set out to reshape the foundations of the business
by simplifying our structures, removing inefficiencies, strengthening
commercial execution, and creating a more integrated and scalable operating
model. It is a credit to colleagues across the Group that the first year of
Project Genesis has delivered such strong early results, both operationally
and financially, while also making the business more resilient and better
aligned behind a shared purpose.
At the same time, we entered the year conscious of the need to address
longstanding issues in certain parts of the business, modernise our approach,
and invest with greater clarity and discipline. Those themes have shaped much
of the work during the year and will continue as we transition Project Genesis
into Wynnstay Strategy Genesis, our new five-year plan centred on growth,
improved returns and stronger market positions.
A critical enabler of this progress has been the transformation of the
Executive and senior leadership team. Over the past year, the Executive
Committee has been materially reshaped and strengthened, aligning leadership
capability more closely with our integrated operating model and long-term
ambitions. This refreshed team brings deeper functional expertise, clearer
accountability and stronger operational focus, making it well positioned to
lead the next phase of Wynnstay's development.
Before turning to trading performance, I want to acknowledge the most
difficult event of the year.
Health and Safety
On 6 January 2025, one of our colleagues tragically lost his life in an
incident at our Llansantffraid site. The loss has had a profound effect on his
family, friends and our colleagues across the Group. Our thoughts remain with
them.
The HSE investigation remains ongoing and we continue to fully support the
authorities in their enquiries. Since the start of the year, we have taken
significant steps to strengthen health and safety across the Group, including
enhanced governance, greater investment in site standards, increased training
and leadership development, and a renewed focus on identifying and addressing
risk. Safety remains our highest priority and will continue to shape our
operational agenda.
Project Genesis: First Year Progress
Project Genesis was launched as a three year plan to address structural
inefficiencies and to build a modern, disciplined and coherent platform for
the Group. It has been a substantial change programme, and this year
represents its first full phase of delivery.
The programme has reorganised our divisional and functional structures,
simplified management layers, and created clearer accountability. We have
integrated Youngs Animal Feeds into the core feed operations, consolidated all
trading activity under the unified GrainLink banner, and completed a thorough
review of manufacturing and warehousing assets, which led to the closure of
the Glasson Dock and Standon Mill sites. These were difficult but necessary
decisions, designed to align the business to the operating model we need for
the future.
Commercially, we have embedded much greater discipline in pricing, contract
management, procurement and trading, supported by better visibility and
improved internal processes. The behavioural changes across the organisation
have been particularly notable; colleagues have embraced a more unified,
efficient and accountable way of working.
The operational and financial benefits have been clear in this year's results
and they provide a strong springboard for the future.
Wynnstay Strategy Genesis: From Stabilisation to Growth
Project Genesis was introduced to stabilise and streamline the Group's
operations. Following successful completion of the first phase of the project
and with a solid operating platform now in place, the Group has embarked on a
new five year plan, Wynnstay Strategy Genesis, designed to drive sustainable
growth.
The strategy prioritises targeted investment to expand capacity, the
development of stronger customer propositions, deeper engagement in core
markets and disciplined capital deployment. While Project Genesis will remain
active through to its completion in 2027, Wynnstay Strategy Genesis
establishes the principal framework for the next phase of the Group's
strategic and financial progress.
A central element of our strategy is investment in manufacturing capability.
At Carmarthen, the expansion project will increase feed production capacity by
more than 20,000 tonnes (14%), improving efficiency and enabling us to serve
customers more effectively. At Avonmouth, the commissioning of our new
state-of-the-art fertiliser blending plant represents one of the most
important operational milestones for the Group in recent years. The facility
strengthens and expands our presence in South Wales and the South West, and
supports the continued growth of our Glasson Fertilisers brand.
We are also placing increased emphasis on commercial excellence. A key
component is our share-of-wallet initiative, which seeks to grow our presence
with existing customers by improving cross-selling, strengthening our service
offering and, consequently, deepening customer relationships. There is
significant headroom in our core regions and we expect this initiative to be a
meaningful source of growth in the years ahead.
Our five-year strategy is underpinned by a clear ambition to expand capacity
across our core manufacturing and processing activities. Over the life of the
plan, Wynnstay is targeting the addition of approximately 160,000 tonnes of
incremental production capacity across feed milling, fertiliser blending and
seed processing. This growth will be phased and aligned with market demand but
reflects our confidence in the underlying strength of our customer base and
the opportunities within our chosen markets.
The Board has approved plans to invest in additional blending and packing
capacity at our Condover site in Shropshire, supporting growth across blended
feed product categories and creating compound feed production capacity at our
feed mill in Llansantffraid. Our Arable business continues to represent a key
strategic opportunity for the Group. Building on our recent investment in
Avonmouth within the fertiliser business, we are actively evaluating further
initiatives to support growth, improve capacity and strengthen our market
position.
Together with continued development at Carmarthen and Avonmouth, these
initiatives form a coherent, Group-wide approach to increasing capacity and
are designed to improve service levels, enhance efficiency and provide the
headroom required to support sustained growth, underpinning our medium-term
ambition for the next five years.
Segmental Performance
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 Great
Britain. The division has a well-established presence in its core regions and
remains central to Wynnstay's long-term growth ambitions.
The segment delivered an improved underlying performance this year, with
adjusted profit before tax of £1.3m well ahead of FY24 (£0.7m). Overall
manufactured feed volumes declined by 6.5%, driven principally by the planned
transition away from poultry production at Twyford, while raw material trading
volumes were modestly lower following the poor UK harvest. Against these
volume pressures, margins strengthened meaningfully, supported by enhanced
commercial discipline, tighter cost control and clearer product-level
management. Importantly, the full consolidation of trading activities under
the unified GrainLink model enhanced execution, improved customer
communication and strengthened Wynnstay's position in the market. The ongoing
expansion project at Carmarthen continues to progress well and is already
improving manufacturing capabilities.
Feed & Grain represents one of the Group's strongest long-term growth
platforms. The investment underway at Carmarthen will meaningfully increase
manufacturing capacity, supporting volume recovery and improving operational
leverage in FY26 and beyond. More broadly, the five-year strategy includes
further ambition to expand feed milling capacity over time, aligned with
customer demand and supported by a more efficient operating model.
Strategically, the division is placing greater emphasis on value-add direct
sales to farmers, where technical support and nutritional expertise
differentiate Wynnstay from competitors and deepen customer relationships. We
are also strengthening our technical feed capability to ensure we remain
closely aligned with evolving farm requirements and on-farm performance goals.
The fully integrated GrainLink structure is already delivering benefits and is
expected to support further growth, with a single, scaled trading team and
access to new customers and geographies across Great Britain. Overall, Feed
& Grain enters the new financial year in a far stronger strategic and
operational position.
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.
The segment delivered a strong recovery during the year, with adjusted profit
before tax of £2.3m (2024: £1.4m). Blended fertiliser volumes increased by
nearly 14%, supported by favourable planting conditions, disciplined
purchasing and the successful commissioning of our new Avonmouth facility.
Merchanted fertiliser volumes were broadly unchanged year-on-year, while seed
performance improved, supported by a strong grass seed season and continued
growth in environmental seed mixtures. Gross margin strengthened across the
division, driven by improved pricing discipline, operational efficiencies and
a more favourable market backdrop.
Arable has substantial potential to grow over the next five years. The
Avonmouth blending plant, which came online on time and within budget,
provides modern, efficient capacity and extends our geographic footprint into
South Wales and the South West, two strategically important regions for future
expansion. Our short-term plans include targeted investment to expand
fertiliser blending capacity in Scotland. Furthermore, the division is
strengthening its portfolio of environmental seed and fertiliser solutions,
aligned with evolving government schemes and the increasing focus on
biodiversity and soil health. Looking ahead, Arable will remain a key driver
of growth under Wynnstay Strategy Genesis, with further opportunities expected
to arise as market conditions normalise and the full benefits of Avonmouth
flow through.
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 resilient performance this year, with adjusted profit
before tax of £5.7m (2024: £5.5m) and transaction levels broadly flat across
the network. Despite lingering inflationary pressure in labour, energy and
logistics, stores delivered improved gross margins and continued to manage
costs tightly. Footfall and customer activity remained broadly stable
throughout the year and the Stores network continues to play a central role in
our service model and customer engagement.
Stores will be an increasingly important component of Wynnstay's growth
strategy, both commercially and as a critical interface with our customers and
rural communities. While the network delivered a resilient financial
performance during the year, FY25 has also been a period of reflection on how
the Stores estate should evolve to support long-term growth and improved
returns.
In the near term, our focus is on ensuring that the Stores estate is
efficient, well invested and aligned with customer needs. This includes a
comprehensive review of store formats, locations and conditions, with the
objective of maintaining a high-quality, well-maintained network that supports
strong service levels and cost control.
Looking further ahead, we see clear opportunities to expand the Stores network
selectively in the right geographies and with the appropriate footprint. We
are exploring more flexible store formats, including smaller sites aligned to
our core product categories, which can be deployed in growth regions and
integrated effectively with our wider commercial and logistics infrastructure.
Opportunities for consolidation, targeted expansion and format optimisation
are being assessed with a clear focus on capital efficiency, returns and
long-term value creation. Any changes will be evaluated in line with the
Group's capital allocation framework, ensuring investment is commercially
justified and aligned with our broader strategic objectives.
We believe that a more focused and optimised Stores estate will strengthen
customer engagement, improve capital efficiency and enhance the Group's
ability to grow share of wallet with existing customers, while continuing to
play a vital role in the rural communities we serve.
Joint Ventures
Our joint ventures, Bibby Agriculture and Wyro Developments, continue to
contribute to the Group's results. Bibby Agriculture delivered a strong
performance, supported by robust sales volumes and firm margins. Higher milk
prices and sustained strength in red meat markets underpinned feed demand
across the dairy and cattle sectors, driving improved profitability. Wyro
Developments remained a stable part of our joint venture portfolio during the
year and we continue to maintain our close working relationships across these
long-standing partnerships.
Outlook
We enter FY26 with clearer strategic direction, stronger operational
capability and a more disciplined, integrated business. The early benefits of
Project Genesis are evident and our five-year Wynnstay Strategy Genesis
programme provides a strong, credible pathway for growth.
Trading at the start of the new financial year is in line with the Board's
expectations, and while agriculture will always face inherent volatility,
Wynnstay is now far better positioned to respond and to capture opportunities
in the market. Farmgate prices for red meat and free-range eggs remain robust,
supporting confidence across those sectors. Milk prices have eased,
particularly since the year end. As a diversified supplier operating across
multiple agricultural sectors, the Group is well positioned to mitigate
short-term price volatility through its broad customer base, balanced product
mix and flexible operating model.
I would like to thank all colleagues for their exceptional contribution during
a year of significant change. Their commitment, energy and professionalism
have been critical to our progress. I would also like to record my sincere
thanks to the Wynnstay plc Board, and in particular to our Chair, Steve
Ellwood. Steve has provided strong and steady leadership during a period of
significant change, guiding the Board with clarity, integrity and calm
determination. His support has been instrumental in shaping the evolution of
our strategy and in enabling the progress achieved over the past twelve
months.
I am equally grateful for the continued support of our farming customers,
local communities and shareholders. The past year has reinforced the
importance of clear communication and transparency with all our stakeholders
and this remains central to how we lead and develop the Group. I am confident
that together we will build a stronger, more ambitious Wynnstay in the years
ahead.
Alk Brand
Chief Executive Officer
9 February 2026
FINANCIAL REVIEW
Group Results
£'000s unless stated 2025 2024
Revenue 583,436 613,053
Gross Profit 80,535 79,209
Adjusted operating profit 9,199 7,926
Adjusted profit before tax 9,246 7,616
Profit before tax 3,492 4,097
Basic EPS 9.88p 12.12p
Net Cash (excluding lease liabilities) 25,718 32,824
Group revenue for the year was £583.4m (2024: £613.1m). The reduction
primarily driven by lower manufactured feed volumes, reduced traded feed raw
material activity and lower grain prices, following another weak UK harvest.
These factors were partly offset by improved pricing and mix across the Group.
Despite the lower revenue, gross profit increased to £80.5m (2024: £79.2m),
supported by stronger commercial execution, early operational benefits and
margin management.
Adjusted operating profit increased to £9.2m (2024: £7.9m), with adjusted
profit before tax rising to £9.2m (2024: £7.6m). These improvements
demonstrate underlying progress across the Group, including enhancements in
commercial execution, tighter cost control and the early financial returns of
integration activities implemented during the year.
Statutory profit before tax was £3.5m (2024: £4.1m) after non-recurring
items, derivative fair value movements and amortisation of acquired
intangibles. The statutory result is therefore influenced by the planned and
one-off nature of transformation delivery costs rather than underlying trading
performance.
The Group ended the year with net cash of £25.7m (pre IFRS 16), maintaining a
robust liquidity position and a balance sheet that provides resilience and
investment capacity.
Non-recurring Items
Non-recurring items totalled £5.9m (2024: £2.3m) and relate primarily to the
Group-wide operating asset review, the associated integration and
rationalisation activities, and the organisational changes required to
establish the new operating model.
During the year, the Group completed a comprehensive appraisal of its
operating asset base to ensure that manufacturing, warehousing and
administrative structures align with the new divisional model and long-term
strategy. These appraisals were undertaken using the Group's capital
allocation hurdle rates, with both cash and non-cash elements evaluated on a
returns basis.
The closure and integration decisions undertaken as part of this process were
therefore investment-led, forming an essential component of establishing a
more efficient platform for the next phase of Strategy Genesis. The cash costs
associated with these actions are expected to deliver strong savings-based
returns as fixed overheads reduce and operational efficiency increases. As the
associated working capital is realised through the repurposing or disposal of
sites and assets, the Group also anticipates a more efficient balance sheet.
The Group does not expect further material restructuring charges in FY26.
Mark-to-Market Movements
An unrealised gain of £0.7m (2024: £0.5m loss) was recognised on the
revaluation of open wheat futures contracts. These movements arise from IFRS 9
valuation requirements and do not represent the underlying trading performance
within the Feed & Grain business.
Taxation
The Group recorded a tax charge of £1.2m (2024: £1.3m). The effective rate
is impacted by non-deductible items and the allocation of tax incurred by
joint ventures. Wynnstay continues to adopt a responsible and transparent
approach to tax, maintaining full compliance with UK legislation and its
published Tax Strategy.
£'000s 2025 2024
Group's tax charge
Taxation 1,206 1,308
Share of tax incurred by joint ventures & associates 206 191
1,412 1,499
Group pre-tax profit from continuing operations
Profit before taxation from operations 3,492 4,097
Share of tax incurred by joint ventures & associates 206 191
3,698 4,288
Effective tax rate in Group accounts 34.5% 31.9%
Effective tax rate including joint ventures 38.2% 34.9%
Earnings Per Share
Basic earnings per share were 9.88p (2024: 12.12p), based on a weighted
average number of shares in issue during the year of 23.127m (2024: 23.029m).
Balance Sheet
£'000s 2025 2024
Tangible & intangible fixed assets 46,259 43,939
Right of use assets 17,491 16,919
Investments in property & joint ventures 5,378 6,107
Net working capital 59,731 54,240
Loans to joint venture 600 600
Net cash (excluding IFRS 16 leases) 25,718 32,824
Lease liabilities (15,954) (15,658)
Derivative financial instruments (141) (879)
Provisions (3,244) (1,199)
Current tax assets 1,666 950
Deferred tax liabilities (4,749) (2,994)
Net assets 132,755 134,849
The Group's balance sheet remains strong and well capitalised, although net
assets reduced modestly to £132.8m (2024: £134.8m). This reduction arises
from the maintenance of a progressive dividend during a year of significant
change, signalling the Boards confidence in the Groups underlying cash
generation and financial position. Working capital increased year-on-year to
£59.7m (2024: £54.2m) following the commissioning of the Avonmouth
fertiliser blending facility, which increased working capital requirements as
the site moved into full operational use during the year, and a planned
increase in stock at the year end, ahead of the critical first-quarter winter
trading period, following instances of stock shortages in the prior year.
Underlying working capital discipline remained strong, supported by improved
procurement, stock management and divisional accountability.
The Group continues to hold significant liquidity headroom through a
combination of net cash and undrawn committed facilities. This provides
resilience in the face of market volatility and supports the Group's ability
to invest in operational efficiency, strategic capability and targeted growth
opportunities.
Cash Flow and Net Cash
£'000s 2025 2024
Operating cash flows* 12,790 13,817
Working capital movement (5,520) 6,944
Net interest 150 (71)
Tax paid (192) (1,556)
Net cash generated from operating activities 7,228 19,134
Net capital expenditure (5,245) (1,184)
Cash paid for acquisition of subsidiaries (42) (33)
Joint ventures, associates and trusts 1,346 763
Net cash used in investing activities (3,941) (454)
Proceeds from issue of share capital - 583
Purchase of own shares for employee benefit trust (189) -
Net movement in bank borrowings (4,743) (1,806)
Repayment of capital element of leases (6,094) (6,290)
Dividends paid (4,057) (3,995)
Net cash used in financing activities (15,083) (11,508)
Net (decrease) / increase in cash (11,796) 7,172
Effects of exchange rate differences (29) 62
Opening cash balances 38,289 31,055
Closing cash balances 26,464 38,289
*Before movements in working capital and provisions
Operating cash generation remained robust, underpinned by strong operating
performance and cost control. Net cash at the year-end was £25.7m (2024:
£32.8m), with the year-on-year reduction driven by selective investment in
operational capacity, the commissioning of new facilities and a planned
build-up of working capital ahead of the key winter trading period.
The Group's cash conversion continues to be strong, providing resilience and
the capacity to invest in manufacturing efficiency, commercial capability and
long-term strategic growth.
During the year, the Group fully repaid its amortising term loan in line with
the scheduled maturity of the facility. This is consistent with the Group's
strong liquidity position and approach to balance sheet management.
The Group also commenced the purchase of shares through the Employee Benefit
Trust to satisfy future obligations under its employee share incentive
arrangements. This approach is consistent with the Group's objective of
maintaining a tight equity structure and avoiding shareholder dilution, while
continuing to support long-term alignment between colleagues and shareholders.
£'000s 2025 2024
Cash and cash equivalents 26,464 38,289
Bank borrowings (746) (5,465)
Net cash (excluding IFRS 16 leases) 25,718 32,824
IFRS 16 leases (15,954) (15,658)
Net cash (IFRS basis) 9,764 17,166
Capital Allocation Framework
The capital allocation framework introduced this year has guided the Group's
deployment of capital, ensuring disciplined investment aligned with the
long-term objectives of Strategy Genesis. The framework consists of four
priorities:
· Improved efficiency: investing to streamline operations,
modernise the operating model and support improved returns across segments.
· Organic growth: targeted investment in capacity expansion, site
modernisation and systems capability to unlock future growth.
· Disciplined acquisitions: selective assessment of opportunities
that align with strategic priorities and meet strict financial criteria.
· Shareholder returns: the Board remains committed to a
sustainable, progressive dividend.
Wynnstay's strong cash generation and robust balance sheet provide the
financial flexibility required to deliver this framework.
Fixed Asset Investment
Capital expenditure increased year-on-year as the Group continued to invest in
modernising and strengthening its operational base. Consistent with the
priorities set out under Project Genesis and the early phase of Strategy
Genesis, investment was directed towards increasing manufacturing capacity and
enhancing operational resilience. This included further development at our
Carmarthen feed mill and continued infrastructure investment at our Tamar site
in Cornwall, both of which are important contributors to the Group's long-term
growth ambitions.
Alongside this capacity-led investment, we also advanced a number of
initiatives to strengthen health and safety systems and site standards across
the network, demonstrating the Board's ongoing commitment to governance and
safe working practices. Together, these investments support improved
efficiency, create headroom for future growth and underpin the Group's
strategic objectives.
Return on Capital
Return on Net Assets (RONA) improved year-on-year across each division,
reflecting early benefits from improved margin control, operational efficiency
and the initial impact of Genesis integration activities. While these are
early days, and the full financial benefits of Genesis will materialise
progressively over the coming years, the positive direction of travel is
encouraging.
2025 2024
Feed & Grain 2.5% 1.5%
Arable 7.0% 4.9%
Stores 11.7% 9.3%
Group 7.0% 5.6%
Summary
FY25 represents a year of clear underlying improvement and focused operational
delivery. Adjusted profitability increased, margins strengthened across the
Group, and the operational changes implemented during the year are beginning
to demonstrate their financial impact. With a strong balance sheet, a
disciplined capital allocation framework and clear investment priorities under
Strategy Genesis, the Group is well positioned to make further progress in
FY26.
Rob Thomas
Chief Financial Officer
9 February 2026
WYNNSTAY GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 October 2025
2025 2024
Note £'000 £'000
Revenue 583,436 613,053
Cost of Sales (502,901) (533,844)
Gross Profit 80,535 79,209
Manufacturing, distribution and selling costs (60,830) (59,809)
Administrative expenses (10,857) (11,925)
Other operating income 351 451
Adjusted operating profit(1) 9,199 7,926
Amortisation of acquired intangible assets and share-based payment expense 3 (353) (543)
Gain / (loss) on mark to market of derivatives 686 (473)
Non-recurring items 3 (5,881) (2,312)
Operating Profit 3,651 4,598
Interest Income 4 306 497
Interest Expense 4 (1,082) (1,572)
Share of profits in joint ventures using the equity method 823 765
Adjusted profit before taxation(2) 9,246 7,616
Intangible amortisation and share based payments 3 (353) (543)
Gain / (loss) on mark to market of derivatives 686 (473)
Share of tax incurred by joint venture (206) (191)
Non-recurring items 3 (5,881) (2,312)
Profit before taxation 3,492 4,097
Taxation 5 (1,206) (1,308)
Profit for the year 2,286 2,789
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) (29) 27
- Recycled cashflow hedge taken to income statement 20 (95)
(9) (68)
Total comprehensive earnings for the period 2,277 2,721
Basic earnings per share 9.88p 12.12p
Diluted earnings per share 9.59p 11.75p
(1)Adjusted operating profit excludes amortisation of acquired intangibles,
share based payment expenses, gains / (losses) on mark to market of
derivatives and non-recurring items.
(2)Adjusted profit before taxation excludes amortisation of acquired
intangibles, share based payment expenses, gains / (losses) on mark to market
of derivatives, non-recurring items and the share of tax incurred by joint
ventures.
WYNNSTAY GROUP PLC
CONSOLIDATED BALANCE SHEET
As at 31 October 2025
Note 2025 2024
NON-CURRENT ASSETS
Goodwill 15,530 15,530
Intangible assets 4,514 4,727
Investment property 1,850 1,850
Property, plant and equipment 24,949 22,416
Right-of-use assets 17,491 16,919
Investments accounted for using equity method 3,528 4,257
Derivative financial instruments - 10
67,862 65,709
CURRENT ASSETS
Assets held for sale 1,266 1,266
Inventories 47,454 43,328
Trade and other receivables 75,094 70,418
Financial assets - loan to joint ventures 600 600
Cash and cash equivalents 9 26,464 38,289
Current tax asset 1,666 950
Derivative financial instruments 45 52
152,589 154,903
TOTAL ASSETS 220,451 220,612
CURRENT LIABILITIES
Financial liabilities - borrowings 9 (746) (2,619)
Lease liabilities 9 (2,875) (4,399)
Trade and other payables (62,811) (59,499)
Provisions (3,244) (1,199)
Derivative financial instruments (25) (940)
(69,701) (68,656)
NET CURRENT ASSETS 82,888 86,247
NON-CURRENT LIABILITIES
Financial liabilities - borrowings 9 - (2,846)
Lease liabilities 9 (13,079) (11,259)
Trade and other payables (6) (7)
Derivative financial instruments (161) (1)
Deferred tax liabilities (4,749) (2,994)
(17,995) (17,107)
TOTAL LIABILITIES (87,696) (85,763)
NET ASSETS 132,755 134,849
EQUITY
Share capital 5,782 5,782
Share premium 44,022 44,022
Share based payments 569 506
Cash flow hedge reserve 26 35
Other reserves 1,115 1,492
Retained earnings 81,241 83,012
TOTAL EQUITY 132,755 134,849
WYNNSTAY GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 31 October 2025
Share premium Share based payment Cashflow hedge reserves
Share Other Retained
capital reserves earnings Total
Group £000 £000 £000 £000 £000 £000 £000
At 1 November 2023 5,739 43,482 1,287 103 1,516 83,103 135,230
Profit for the year - - - - - 2,789 2,789
Net change in the fair value of cashflow hedges taken to equity, net of tax - - - 27 - - 27
Recycle cashflow hedge to income statement - - - (95) - - (95)
Total comprehensive income - - - (68) - 2,789 2,721
Transactions with owners
Share based payment - - 309 - - - 309
Exercise, lapse or forfeit of share-based payments (restated*) - - (1,090) - - 1,090 -
Shares issued in the year 43 540 - - - - 583
Dividends - - - - - (3,995) (3,995)
Transfer - - - - (24) 24 -
43 540 (781) - (24) (2,881) (3,103)
At 31 October 2024 5,782 44,022 506 35 1,492 83,012 134,849
Profit for the year - - - - - 2,286 2,286
Net change in the fair value of cashflow hedges taken to equity, net of tax - - - (29) - - (29)
Recycle cashflow hedge to income statement - - - 20 - - 20
Total comprehensive income - - - (9) - 2,286 2,277
Transactions with owners
Share based payment - - 63 - - 63
Exercise, lapse or forfeit of share-based payments - - - - - - -
Purchase of own shares for employee benefit trust - - - - (377) - (377)
Dividends - - - - - (4,057) (4,057)
- - 63 - (377) (4,057) (4,371)
At 31 October 2025 5,782 44,022 569 26 1,115 81,241 132,755
WYNNSTAY GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 October 2025
2025 2024
Note £000 £000
Cash flows from operating activities
Cash generated from operations 10 7,270 20,761
Interest received - cash 306 497
Interest paid - cash (156) (568)
Tax paid (192) (1,556)
Net cash generated from operating activities 7,228 19,134
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 577 990
Purchase of property, plant and equipment (5,822) (2,174)
Acquisition of subsidiary undertaking, net of cash acquired (42) (33)
Receipt of repayment of short-term loans to joint ventures - 39
Disposal of investments 81 123
Dividends received from joint ventures and associates 1,265 601
Net cash used by investing activities (3,941) (454)
Cash flows from financing activities
Net proceeds from the issue of ordinary share capital - 583
Proceeds from new loans - 92
Purchase of own shares for employee benefit trust (189) -
Lease repayments (6,094) (6,291)
Repayment of borrowings (4,743) (1,897)
Dividends paid to shareholders 6 (4,057) (3,995)
Net cash used in financing activities (15,083) (11,508)
Net (decrease) / increase in cash and cash equivalents (11,796) 7,172
Effects of exchange rate changes (29) 62
Cash and cash equivalents at the beginning of the period 9 38,289 31,055
Cash and cash equivalents at the end of the period 9 26,464 38,289
WYNNSTAY GROUP PLC
NOTES TO THE ACCOUNTS
1. GENERAL INFORMATION AND MATERIAL ACCOUNTING POLICIES
The Company has taken advantage of the exemption under section 408 of the
Companies Act 2006 not to present its individual income statement and related
notes.
Basis of Preparation
The Group's financial statements have been prepared in accordance with
UK-adopted International Accounting Standards and applicable law. The
financial statements have been prepared under the historical cost convention,
except for share-based payment arrangements which are measured at fair value,
and certain financial instruments which are measured in accordance with the
relevant accounting policies.
The preparation of financial statements in accordance with UK-adopted
International Accounting Standards requires management to make judgements,
estimates and assumptions that affect the reported amounts of assets and
liabilities and the reported results for the period. Actual outcomes may
differ from those estimates.
Going Concern
In assessing whether the going concern basis of accounting is appropriate, the
Directors have reviewed the Group's forecasts, budgets and principal risks and
uncertainties. Detailed cash flow projections have been prepared and assessed
against available funding facilities.
At 31 October 2025, the Group had net cash (including IFRS 16 lease
liabilities) of £9.75m, together with a £10.0m revolving credit facility,
committed to February 2027, and £10.5m of unused overdraft facilities with
HSBC Bank UK plc. The revolving credit facility was undrawn at the year end.
Based on this assessment, the Directors have a reasonable expectation that the
Group has adequate financial resources to continue in operational existence
for the foreseeable future. Accordingly, the financial statements have been
prepared on a going concern basis.
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 or scale, are not considered to be part of the Group's underlying
trading performance. In the current year, such items primarily relate to
restructuring and integration activities undertaken as part of the Group's
transformation programme. These items are presented separately to provide a
clearer view of the Group's underlying performance.
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 & 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
Included in segment assets above are the following investments in joint 3,521 - - 3,521
ventures and associates
Feed & Grain Arable Stores Total
Year ended 31 October 2024: £000 £000 £000 £000
Revenue 353,264 119,705 140,084 613,053
Gross Profit 33,200 11,402 34,607 79,209
Result
Adjusted Operating Profit 157 1,629 6,140 7,926
Amortisation of acquired intangible assets and share-based payment expense (142) (90) (311) (543)
Unrealised derivative losses (473) - - (473)
Non-recurring items (2,087) - (225) (2,312)
Operating Profit (2,545) 1,539 5,604 4,598
Adjusted Profit before taxation 682 1,410 5,524 7,616
Amortisation of acquired intangible assets and share-based payment expense (142) (90) (311) (543)
Unrealised derivative losses (473) - - (473)
Share of tax incurred by joint ventures and associates (191) - - (191)
Non-recurring items (2,087) - (225) (2,312)
Profit before taxation (2,211) 1,320 4,988 4,097
Income tax expense 706 (421) (1,593) (1,308)
Profit for the year (1,505) 899 3,395 2,789
Other information
Depreciation and amortisation (1,728) (1,169) (2,110) (5,007)
Property, plant and equipment additions 4,582 457 2,878 7,917
Balance Sheet
Segment assets 90,272 43,692 86,648 220,612
Segment liabilities (43,578) (14,898) (27,287) (85,763)
Net assets 46,694 28,794 59,361 134,849
Included in segment assets above are the following investments in joint 4,169 - - 4,169
ventures and associates
3. AMORTISATION OF ACQUIRED INTANGIBLE ASSETS, SHARE-BASED PAYMENTS AND
NON-RECURRING ITEMS
2025 2024
£000 £000
Amortisation of acquired intangibles and share based payment
Amortisation of acquired intangibles 218 234
Share based payments 63 309
Share-based payment charge arising on transfer of shares between employee 72 -
benefit trusts
353 543
Non-recurring items
Business reorganisation expenses 1,744 1,268
Closure of manufacturing operations 4,137 -
Environmental expenses - 202
Loss on disposal of joint venture - 23
Impairment of Asset held for Sale - 819
5,881 2,312
In the year ended 31 October 2025, the Group incurred non-recurring items
totalling £5,881,000 (2024: £2,312,000). These costs are considered
material, non-recurring, and outside the normal course of the Group's
operations. They have been classified separately to provide stakeholders with
a clear understanding of the Group's underlying financial performance.
Business reorganisation expenses
These costs primarily relate to Board and leadership changes and the
restructuring of manufacturing operations.
Closure of manufacturing operations
Following the consolidation of the Group's feed raw material trading
operations under the GrainLink platform, and the integration of Youngs Animal
Feeds and Glasson Grain's specialist feed manufacturing into the wider
Wynnstay business, the Group has closed its manufacturing and warehousing
operations at Glasson Dock (Lancashire) and Standon (Staffordshire). The
associated costs were incurred as part of these closures.
Environmental expenses
These costs were incurred for the remediation of land and safe disposal of
contaminated soil.
While the Group has submitted a claim to its insurers, no income or receivable
has been recognised in the year as the likelihood of reimbursement is not
virtually certain. Should the insurance claim be successful, any recoveries
will be recognised as non-recurring income in future periods.
Impairment of assets
Impairment of Fixed Assets:
The Group recognised a write-down on the Calne feed mill, arising from the
shortfall between its carrying value and the agreed sale price. The asset has
been classified as "held for sale" in the balance sheet.
Loss on Disposal of Joint Venture:
The Group disposed of its investment in Total Angling Ltd during the year
ended 31 October 2024, resulting in a loss on disposal.
HSE Investigation
The Group is currently subject to an investigation by the Health and Safety
Executive ("HSE") in relation to a fatality at an operating site in January
2025. The Group continues to cooperate fully with the HSE and to assist all
relevant authorities with their inquiries. At the date of approval of these
financial statements, the investigation remains ongoing and no enforcement
action has been concluded. Based on the information currently available, the
Directors are 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.
4. FINANCE COSTS
2025 2024
£000 £000
Interest expense:
Interest payable on borrowings (156) (568)
Interest payable on finance leases (926) (1,004)
Interest and similar charges payable (1,082) (1,572)
Interest income from banks deposits 298 478
Interest income from customers 8 19
Interest receivable 306 497
Net Finance Costs (776) (1,075)
5. TAXATION
2025 2024
£000 £000
Current tax
Operating activities (29) 430
Adjustments in respect of prior years (578) 73
(607) 503
Deferred tax
Movement in deferred tax 899 805
Adjustments to prior year 914 -
1,813 805
Tax on profit on ordinary activities 1,206 1,308
6. DIVIDENDS
2025 2024
£000 £000
Final dividend paid for prior year 2,745 2,702
Interim dividend paid for current year 1,312 1,293
4,057 3,995
Subsequent to the year end it has been recommended that a final dividend of
12.10p per ordinary share (2024: 11.90p) be paid on 30 April 2026. Together
with the interim dividend already paid on 31 October 2025 of 5.70p net per
ordinary share (2024: 5.60p) this will result in a total dividend for the
financial year of 17.80p net per ordinary share (2024: 17.50p).
7. EARNINGS PER SHARE
Basic earnings per share Diluted earnings per share
2025 2024 2025 2024
Earnings attributable to shareholders (£000) 2,286 2,789 2,286 2,789
Weighted average number of shares in issue during the year (number '000) 23,127 23,029 23,833 23,736
Earnings per ordinary 25p share (pence) 9.88 12.12 9.59 11.75
Basic earnings per 25p ordinary share is calculated by dividing profit for the
year from continuing operations attributable to ordinary shareholders by the
weighted average number of ordinary shares in issue during the year.
For diluted earnings per share, the weighted average number of ordinary shares
is adjusted to assume conversion of all dilutive potential ordinary shares
(share options) taking into account their exercise price in comparison with
the actual average share price during the year.
8. SHARE CAPITAL
2025 2024
No. of shares Nominal No. of shares Nominal
000 Value 000 Value
£000 £000
Authorised
Ordinary shares of 25p each 40,000 10,000 40,000 10,000
Allotted, called up and fully paid
Ordinary shares of 25p each 23,128 5,782 23,128 5,782
No shares have been issued during the year. In the prior year 140,780 shares
with a nominal value of £35,000 were issued with an equivalent cash value of
£487,000 to shareholders exercising their rights to receive dividends und the
Company's dividend scrip scheme. In addition, a further 31,487 shares with a
nominal value of £8,000 were issued for a total cash consideration of
£96,000 to employees exercising rights over approved share options.
9. CASH AND CASH EQUIVALENTS, BORROWINGS AND LEASE LIABILITIES
2025 2024
£000 £000
Current
Cash and cash equivalents 26,464 38,289
Bank loans and overdrafts due within one year or on demand:
Secured loans - (1,897)
Loan stock (unsecured) (746) (722)
Financial liabilities - borrowings (746) (2,619)
Net obligations under finance leases:
Non-property leases (926) (2,450)
Property leases (1,949) (1,949)
(2,875) (4,399)
Total current net cash and lease liabilities 22,843 31,271
Non-current
Bank loans: Secured - (2,846)
Financial liabilities - borrowings - (2,846)
Net obligations under leases:
Non-property leases (4,166) (3,179)
Property leases (8,913) (8,080)
(13,079) (11,259)
Total non-current net debt and lease liabilities (13,079) (14,105)
Total net cash and lease liabilities 9,764 17,166
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 £981,000 (2024: £2,771,000)
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
(2024: Aa3). £938,000 of the cash and cash equivalent balances are
denominated in foreign currencies, EUR (90%) and USD (10%) (2024: £690,000,
in EUR (53%) and USD (47%)). All other amounts are denominated in GBP and are
at fair value.
Borrowings
Bank loans and overdrafts are secured by an unlimited composite guarantee of
all the trading entities within the Group. Loan stock is redeemable at par at
the option of the Company or the holder. Interest of 4.0% (2024: 5.0%) per
annum is payable to the holders.
10. CASH GENERATED FROM OPERATIONS
2025 2024
£000 £000
Profits for the year from operations 2,286 2,789
Adjustments for:
Tax 1,206 1,308
Depreciation of tangible fixed assets 2,113 2,276
Amortisation of right-of-use assets 4,600 3,825
Amortisation of other intangible fixed assets 218 234
(Profit) on disposal of property, plant and equipment 563 (236)
Loss on disposal on joint venture - 23
Impairment of fixed asset - 819
Derivative held at fair value (549) 347
Hedge ineffectiveness 15 77
Government grant (2) (2)
Net movement in provisions 2,045 1,199
Interest on lease liabilities 926 1,004
Net Interest expense (150) 71
Share of post-tax results of joint ventures (617) (574)
Share-based payments 63 309
Share-based payment charge arising on transfer of shares between employee 73 -
benefit trusts
Changes in working capital (excluding effects of acquisitions and disposals of
subsidiaries):
Decrease in inventories (4,127) 12,128
Decrease in trade and other receivables (4,705) 10,363
(Decrease) in payables 3,312 (15,199)
Cash generated from operations 7,270 20,761
11. RESPONSIBILTY STATEMENT
The Directors listed below confirm that, to the best of their knowledge:
· the financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view of the
assets, liabilities, financial position and profit or loss of the Company and
the Group taken as a whole; and
· the management review includes a fair review of the development
and performance of the business and the position of the Group, together with a
description of the principal risks and uncertainties that it faces.
S J Ellwood
S D Esom
A Brand
R J Thomas
C A Bradshaw
D A Christensen (appointed 1 April 2025)
C M Smith (appointed 1 April 2025)
12. CONTENT OF THIS REPORT
The information contained in this announcement has been extracted from the
Group's audited statutory financial statements for the year ended 31 October
2025. This announcement does not constitute statutory financial statements
within the meaning of section 435 of the Companies Act 2006.
Statutory accounts for the year ended 31 October 2025 have been delivered to
the Registrar of Companies. The auditor, Crowe U.K. LLP, reported on those
accounts and their report was unqualified, did not include a reference to any
matters to which the auditor drew attention by way of emphasis without
qualifying their report, and did not contain a statement under section 498(2)
or (3) of the Companies Act 2006.
The statutory accounts for the year ended 31 October 2025 will be delivered to
the Registrar of Companies following the Company's Annual General Meeting. The
auditor, Crowe U.K. LLP, has reported on those accounts and their report is
unqualified, does not include a reference to any matters to which the auditor
drew attention by way of emphasis without qualifying their report, and does
not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The Annual Report and Financial Statements for the year ended 31 October 2025
will be available to shareholders during February 2026 and will be available
on the Company's website at
https://www.wynnstayplc.co.uk/investor-relations/results-reports-presentations
(https://www.wynnstayplc.co.uk/investor-relations/results-reports-presentations)
. Copies may also be obtained, free of charge, from the Company's registered
office at Eagle House, Llansantffraid, Powys, SY22 6AQ.
13. ANNUAL GENERAL MEETING
The Annual General Meeting of the Company will be held on Tuesday 24 March
2026 at 11.45am at Shrewsbury Town Football Club, Croud Meadow, Oteley Road,
Shrewsbury, West Midlands SY2 6ST. Further details will be published on the
Company's website https://www.wynnstayplc.co.uk
(https://www.wynnstayplc.co.uk/) .
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. END FR UWSRRNKUURUR
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