Wynnstay announces record results
Wynnstay Group, the agricultural and specialist retail business based in Llansantffraid, Mid Wales has announced record results for the year ending 31st October 2013.
Wynnstay announce record results
The Group reported a 10% increase in revenues to £413.48m, with pre-tax profits up by 3.7% to £8.11m*.
The agriculture division continued to see the benefits of having a diversified range of activities with increases in feed, raw material and fertiliser volumes from the expanded trading area, but saw a reduction in grain volumes, with the collective effect being an increase of 9% in revenues to £323m.
The specialist retail division saw the benefits of its store expansion programme into new geographical areas and a more buoyant market for all products with a 12% increase in revenues to £90.19m.
The Group undertook a share placing activity during the year which was oversubscribed and raised a total of £8.7m, £5.8m of which was used to fund the acquisition of Carmarthen & Pumsaint Farmers Limited, which completed on the 1st October 2013 and adds an additional 7 country stores in the South West Wales region.
Ken Greetham, Chief Executive, commented:
“I am delighted to report record results. They reflect a combination of organic growth across all divisions as well as the benefit of the small acquisitions made in the last two years. Like last year, the trading backdrop has been dominated by very difficult weather conditions and these strong results demonstrate once again the resilience of the business model.
During the year the Group opened new retail stores, completed a further small acquisition and, at the end of the year, acquired certain trading assets of Carmarthen & Pumsaint Farmers Limited, a farmers’ co-operative operating in South West Wales. The acquisition fits seamlessly with our existing Wynnstay Store network, adding seven new stores and significant new customer volumes for fertiliser and feed as well as other products.
Looking ahead, Wynnstay is well positioned to continue its growth. Our diversified business model remains a major strength together with our expanding customer base. I look forward to providing an update at Wynnstay’s AGM in March.”
