The Wynnstay Acquisition Trail Rumbles On
05/05/11 -- Our chums at the Wynnstay Group have announced another acquisition today, welcoming Wrekin Grain into the fold for a reputed net consideration of GBP4m.
Wrekin will be integrated with Wynnstay’s existing grain trading arm, Shropshire Grain Ltd to form a new entity called GrainLink, they say. Ace, that's another website for me to do then!
Wynnstay acquires Wrekin Grain to increase national presence
Wynnstay Minted
26/01/11 -- Wynnstay Group, based in the mid-Wales town of Total Network Solutions, have just announced an impressive set of record results for their financial year ending 31 Oct 2010.
Trading results for the year show the Group's revenues at GBP243.74m, up 13% on last year and pre-tax profits at GBP5.95m, up 14% year on year.
"Feed sales for the year were excellent, with increased volumes of blends and compound products from all manufacturing sites contributing to 14% like-for-like growth over a more difficult year in 2009," they say.
Looks like lunch is on you next time then Eric?
Wynnstay Half Year Operating Profit Up 8 Percent
Wynnstay Group Plc have announced interim results for six months to 30th April 2010 showing operating profit up 8% to GBP3.74 million on revenue up 2% to GBP120.34 million. Pre-tax profits are up 12% to GBP3.55 million. More info here.
Wynnstay Continue On The Acquisition Trail
Wynnstay Group are expanding their operations into Yorkshire it would seem with the acquisition of Woodheads Seeds Limited, a seed processing and supply business based in Selby.
The deal is for initial cash consideration of just under GBP2.6 million, with a further GBP0.75 million possibly payable "depending upon historic and future profits."
The move will more than double Wynnstay's existing seed processing capacity, it says.
Wynnstay FY 2009 Results
AIM-listed agricultural supplies to pet store group Wynnstay say pre-tax profit for 2009 was GBP5.2m, the same as the year before, with revenues down to GBP215m from the previous year’s GBP234.6m.
That's a very respectable performance given that 2008 was a pretty exceptional year for most players in the market.
Operating profit was GBP5.5 million, with agricultural supplies accounted for GBP2.5m (2008: GBP3.9m) of this result and the retail businesses for GBP3.0m (2008: GBP2.5m).
The Group’s balance sheet remains strong, it said, with net assets at 31 October 2009 increasing to GBP39.5m (2008: GBP36.3m).
Chief executive Ken Greetham said: “Overall, the business performed strongly in a trading environment significantly tougher than the last financial year, in which the group benefited from substantial one-off inventory gains as a result of rising raw material prices."
Wynnstay Completes Purchase Of Youngs Animal Feeds
Wynnstay Group plc have announced that they have completed the purchase of the remaining 50% share capital of Youngs Animal Feeds, not already owned by the group.
Youngs, who specialise in equine feeds and pet products, are based in Standon Staffs, with additional outlets in Congleton and that well known equine hotbed of Huyton in Liverpool.
The Earl of Derby lives nearby, although he is reputedly an infrequent visitor to the local hostelries such as the Blue Bell, where I incidentally spent many a happy hour 'holding hands' with Juggy Jan. Ah, but I digress...
The Wynnstay/YAF deal is worth GBP750,000, payable upon completion.
Wynnstay's financial year has just ended on 31st October, and they said that results will be in line with expectations.
Wynnstay AGM
Wynnstay Group Plc is holding its Annual General Meeting today at which Chief Executive, Ken Greetham, is due to make the following statement to shareholder:
"Wynnstay delivered an exceptionally strong performance in the last financial year to 31 October 2008. Trading results benefited from an out-performance from the Group's raw materials trading activity as raw material prices rose sharply and improved conditions for farmers, with more realistic prices for farm produce.
The Group's trading in the first four months of the current financial year is broadly in line with our expectations. Within our agricultural supplies business, the animal feeds division has seen reduced feed volumes from the dairy sector but sheep and poultry volumes have been particularly encouraging. In the arable division, high prices for fertilizer have affected early orders. However we anticipate some recovery in volumes during the course of the season. Seed sales have been excellent, benefiting from higher Spring demand.
Our specialist retailing businesses continue to perform well. Our Country Stores offering is geared towards the farming community and there is a high degree of predictability and robustness in farmers' spending patterns. Trading at our pet products retailing operation, Just for Pets, remains strong. We have recently opened a new Just for Pets store in Long Eaton, near Derby, and aim to open two further stores during the course of the year.
The general outlook for the UK agricultural industry remains positive as world demand for agricultural produce continues to improve. More specifically, in the short term, the weakened pound has strengthened export demand. Against this background, Wynnstay is well placed to supply a more buoyant industry. We therefore continue to view prospects for the business positively."
Wynnstay Reports Impressive Financial Year
Wynnstay Group has reported impressive results for its financial year ended 31st Oct 2008, driven by the agricultural and retail divisions.
In agriculture operating profits jumped by 112 per cent to £3.89m, whilst in retail operating profits almost doubled to £2.53m thanks partly to acquisitions.
Group profits were also helped by agricultural stock gains of £1.4m and a £600,000 profit from an acquisition.
The Group reports turnover of £235m (+50%), generating a pre-tax profit of £5.11m (+67%) and earnings per share of 29.26 pence (+49%).
UK: Wynnstay Announces Bullish Profits Forecast
Wynnstay, the agricultural and retail group, said trading in the second half of the financial year across Wynnstay's agricultural and retail operations has continued strongly.
This follows a very buoyant first half, which benefited from an outperformance by the Group's raw materials trading activity and increased feed and fertiliser volumes.
The company said it now expects profit before taxation and earnings per share for the financial year to be substantially ahead of consensus market forecasts for the financial year to 31st October 2008.
Within Wynnstay's agricultural businesses, animal feed sales volumes to the end of September were ahead of last year and were further increased by the acquisition, in August 2008, of the remaining 50% of the issued share capital of Welsh Feed Producers Limited not already owned.
Fertiliser sales remained extremely strong despite some tailing off in demand with the poor weather at the end of the summer. Both feed and fertiliser margins improved as higher raw material costs were recovered in the market place.
The Group's raw material trading business benefited from early buying and subsequent higher selling prices, but these benefits are unlikely to be repeated. However, the tight supply situation in the UK suggests that margins in the Group's added value manufacturing activities should remain above historical levels.
Looking ahead, the general agricultural and commodity outlook remains positive. Therefore, while the company does not expect that certain one-off benefits experienced in the current financial year, including very buoyant raw materials trading, will be repeated in the financial year ending 31st October 2009, the company remains confident about growth prospects into 2009.
Results for the year will be reported in mid January 2009.
By mid-morning shares in Wynnstay were up 15.5p, or 7.73%.
Wynnstay Group PLC - Possible Acquisition
The Board of Wynnstay, the agricultural and retail group, announces that it has entered into non-legally binding heads of agreement relating to the acquisition by Wynnstay of the balance of the issued share capital of Welsh Feed Producers Limited not already owned by the Group.
Wynnstay currently owns 50% of the issued share capital of WFP, an animal feed manufacturing business based in Carmarthen, South Wales. A further announcement will be made if and when this transaction is completed.
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."
