Wynnstay annual financial results ahead of expectations
Agricultural supplies group Wynnstay says financial results for the year to the end of October will be ahead of market forecasts.
The Llansantffraid-based group enjoyed strong trading across many core activities since its last trading update on September 6.
There was also a higher than initially expected contribution from joint venture activities and an additional, non-cash profit from grain trading operations within the group's agriculture division of approximately £500,000.
The beneficial trading conditions described in the September statement continued through to the end of the financial year, further benefitting arable performance with additional income across grain, seed and fertiliser categories.
Joint venture businesses Bibby Agriculture and Wyro Developments have both substantially exceeded initial financial performance expectations, and the contribution from these activities will be higher than budgeted.
The board is very conscious of inflationary pressures for the business, farmers and the end-consumer and of the uncertain macroeconomic background. It therefore believes it prudent to leave its expectations for the new financial year and beyond unchanged.