Wynnstay Group PLC: Interim Results for the Six Months to 30 April 2008
Key Points:
Turnover rose by 46% to £116.46m (2007: £79.9m)
Operating profit rose by 55% to £3.33m (2007: £2.15m)
Pre-tax profit rose by 51% to £2.958m (2007: £1.963m)
Net assets increased by 19% to £31.81m (2007: £26.83m)
Interim dividend of 2.00p (2007: 1.875p)
Ken Greetham, Chief Executive, commented:
"Trading in the first six months of the financial year has been good across both our agricultural business and retail operations. These strong results reflect the strength of our diversified business model as well as the benefit of the acquisitions we made last year.
It is pleasing to see our Country Stores improve like-for-like sales, resulting from a combination of improved product range in our stores and greater discretionary spending by arable and dairy farmers.
The acquisition of pet superstores chain, Wilsons Pet Centres, in January, represented a major step forward in our objective to establish a large scale pet product retailing business. Trading across the pet stores to date has been very strong and appears to be highly resistant to the general downturn in consumer spending.
The general outlook for the business remains positive, with improved farm gate prices and emerging markets for agricultural produce giving a more promising outlook for the industry.
The business enjoys a strong financial base and we see good opportunities for continuing growth as we pursue our twin track strategy of acting as a consolidator in agricultural supplies and developing our retailing activities, especially in the pet products market."
Turnover rose by 46% to £116.46m (2007: £79.9m)
Operating profit rose by 55% to £3.33m (2007: £2.15m)
Pre-tax profit rose by 51% to £2.958m (2007: £1.963m)
Net assets increased by 19% to £31.81m (2007: £26.83m)
Interim dividend of 2.00p (2007: 1.875p)
Ken Greetham, Chief Executive, commented:
"Trading in the first six months of the financial year has been good across both our agricultural business and retail operations. These strong results reflect the strength of our diversified business model as well as the benefit of the acquisitions we made last year.
It is pleasing to see our Country Stores improve like-for-like sales, resulting from a combination of improved product range in our stores and greater discretionary spending by arable and dairy farmers.
The acquisition of pet superstores chain, Wilsons Pet Centres, in January, represented a major step forward in our objective to establish a large scale pet product retailing business. Trading across the pet stores to date has been very strong and appears to be highly resistant to the general downturn in consumer spending.
The general outlook for the business remains positive, with improved farm gate prices and emerging markets for agricultural produce giving a more promising outlook for the industry.
The business enjoys a strong financial base and we see good opportunities for continuing growth as we pursue our twin track strategy of acting as a consolidator in agricultural supplies and developing our retailing activities, especially in the pet products market."
