Wynnstay adjusted pre-tax profit up almost 12pc in first half

(Sharecast News) - Wynnstay said on Monday that first-half adjusted pre-tax profit rose 11.7% to £6.0m as its Project Genesis efficiency programme helped offset challenging agricultural markets and inflationary pressure. The AIM-traded firm said revenue for the six months to 30 April was broadly flat at £304.1m, while adjusted operating profit increased 9.7% to £5.8m and adjusted earnings per share rose 15.5% to 20.9p.

Net cash excluding leases improved to £10.9m from £10.3m, and the interim dividend was lifted 3.5% to 5.9p per share.

The group said Feed & Grain and Arable both delivered stronger profits, helped by GrainLink, higher fertiliser volumes and the Avonmouth blending facility, while Stores was weaker due to lower small-bag feed sales and cost pressures.

Wynnstay said second-half trading had started in line with expectations and that it remained confident of delivering full-year results in line with market forecasts.

At 1410 BST, shares in Wynnstay Group were up 4.79% at 366.75p.

Reporting by Josh White for Sharecast.com.

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