Wynnstay Group PLC AGM Statement (5023F)
22 Mars 2022 - 8:00AM
UK Regulatory
TIDMWYN
RNS Number : 5023F
Wynnstay Group PLC
22 March 2022
22 March 2022
AIM: WYN
Wynnstay Group plc
("Wynnstay" or "the Group")
AGM Statement
Wynnstay, the agricultural and specialist merchanting group,
will be holding its Annual General Meeting this morning and
Chairman, Steve Ellwood, will make the following comment on current
trading:
"I am pleased to report that trading in the first four months of
the new financial year has been in line with management
expectations across core activities, while fertiliser operations at
Glasson have continued to experience one-off gains from the
exceptional current trading environment that has been sustained
into the current financial year. Market volatility across most
commodities has persisted, with material price increases since the
start of the calendar year. The recent outbreak of war in Ukraine
has exacerbated this, and raised concerns over the supply of
fertiliser and wheat, in particular. Energy and transport costs
also remain a challenge. Wynnstay has managed these difficult
circumstances well, and once again the Group's broad spread of
activities is proving a major strength. Farmgate prices have
remained strong, enabling customers to absorb elements of this
inflation, although higher prices are expected to curtail some
demand.
"On 18 March, the business completed the acquisition of Humphrey
Feeds Ltd and its associated pullets business for an initial
consideration of GBP9.5m. As previously reported, the acquisition
is expected to be immediately earnings enhancing, and furthers the
Group's feed activity in the growing free range egg sector, expands
its manufacturing capacity, and opens up expansion opportunities in
the South of England.
"The Board remains very grateful for the resilience and support
demonstrated by all colleagues, especially as the coronavirus
pandemic has more recently caused increased levels of absence
through necessary self-isolation. Investment plans continue and
will support growth and greater efficiencies. Wynnstay remains
well-placed to achieve its goals for the current financial
year."
Enquiries:
Wynnstay Group plc Gareth Davies, Chief T: 020 3178 6378
Executive (today)
Paul Roberts, Finance T: 01691 827 142
Director
KTZ Communications Katie Tzouliadis T: 020 3178 6378
Dan Mahoney
Shore Capital (Nomad Stephane Auton / Patrick T: 020 7408 4090
and Broker) Castle
John More
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END
AGMUAONRUOUOUAR
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March 22, 2022 03:00 ET (07:00 GMT)
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