Wynnstay Group PLC Trading Update (3469Y)
06 Septembre 2022 - 8:00AM
UK Regulatory
TIDMWYN
RNS Number : 3469Y
Wynnstay Group PLC
06 September 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH FORMS PART OF UK
LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN
RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT,
WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE
INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN
POSSESSION OF INSIDE INFORMATION.
6 September 2022
AIM: WYN
WYNNSTAY GROUP PLC
("Wynnstay" or "the Group")
TRADING UPDATE
The Board of Wynnstay, the agricultural supplies group, is
pleased to provide the following update on trading for the current
financial year ending 31 October 2022.
The trading backdrop has continued to be strong across many core
activities. With the benefit of good weather conditions, the 2022
UK harvest started early and is now nearly complete, giving the
Group much greater visibility than usual, at this stage of the
year, on the likely outturn of the seasonally important fourth
quarter. As a result of these factors, it is now clear that the
Group's trading results for the financial year will be
significantly ahead of current market forecasts.
A major driver of the outperformance are further gains in the
Glasson fertiliser activity, created from rising and volatile raw
material prices. The continuing elevated prices, particularly for
ammonium nitrate, have also increased trading results across all
the Group's fertiliser activities. Recent record prices for natural
gas have caused European fertiliser manufacturers to announce
temporary production suspensions, and the UK's only manufacturer of
ammonium nitrate, CF Industries, recently announced the permanent
closure of its Cheshire plant and the temporary suspension of
ammonia production at its Billingham plant. These decisions are
causing further upward pressure on fertiliser prices, with
available urea products increasing by around 10% in the last two
weeks. While these market conditions will temper demand, they have
also generated further stock gains for the Glasson business.
The early UK harvest is benefitting the Group's grain trading
volumes, which are significantly higher than in recent years. Early
cereal seed sales in the last few weeks have been encouraging and
with attractive commodity prices and continuing favourable planting
conditions, the outlook for the Group's arable performance is
positive.
Demand for feed is unseasonally strong. This mainly reflects the
reduced availability of forage following the hot summer, but is
also supported by higher milk prices, which has encouraged
demand.
Looking ahead, management is highly conscious of inflationary
pressures, which will increase costs for the business, farmers, and
the end consumer. Given the significantly uncertain macroeconomic
background, the Board therefore believes that it is prudent, at
this stage, to leave its expectations for the next financial year
unchanged.
Enquiries:
Wynnstay Group plc Gareth Davies, Chief T: 01691 827
Executive 142
Paul Roberts, Finance
Director
KTZ Communications Katie Tzouliadis / Dan T: 020 3178
Mahoney 6378
Shore Capital (Nomad Stephane Auton / John T: 020 7408
and Broker) More 4090
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END
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September 06, 2022 02:00 ET (06:00 GMT)
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