Wynnstay Group PLC Trading Update (0349G)
May 24 2017 - 2:00AM
UK Regulatory
TIDMWYN
RNS Number : 0349G
Wynnstay Group PLC
24 May 2017
24 May 2017
AIM: WYN
Wynnstay Group plc
("Wynnstay" or "the Company" or "the Group")
Trading Update
Wynnstay, the agricultural and retail group, provides the
following update on trading for the six months to 30 April
2017.
The Group's activities excluding the pet products operations,
Just for Pets, are expected to show a better performance for the
first half, year-on-year. Trading headwinds for farmers have eased
somewhat but the agricultural environment remains challenging, with
margin pressures a feature. Just for Pets has continued to
experience subdued demand, reflecting general retail trends in the
sector, and certain stores in particular have not delivered the
expected performance, resulting in losses in this activity during
the first half. As a consequence, the Board now expects to book a
non-cash goodwill impairment charge for the period although the
level of this charge is yet to be finalised. This will result in
the Company's reported profits for the first half of the financial
year being materially lower than for the same period last year. The
Company's adjusted profit before tax (before the goodwill
impairment charge) for this period will be marginally below last
year, impacted by the Just for Pets performance.
Just for Pets remains a relatively small part of the wider Group
and, accordingly, the Board is reviewing the options for the unit
and expects to announce restructuring plans in the second half of
the year. Any associated exceptional charges would be taken in this
period.
The Company will be announcing its results for the six months
ended 30 April 2017 on Wednesday, 21 June 2017.
Enquiries:
Wynnstay Group Ken Greetham, Chief T: 01691 827
plc Executive 142
Paul Roberts, Finance
Director
KTZ Communications Katie Tzouliadis, T: 020 3178 6378
Emma Pearson
Shore Capital Stephane Auton T: 020 7408 4090
(Nomad) / Patrick Castle
About Wynnstay Group plc
www.wynnstaygroup.co.uk
Headquartered in Wales, Wynnstay manufactures and supplies
agricultural inputs, including animal nutrition products, seeds,
fertiliser and agro-chemicals, to livestock and arable farmers. Its
activities also include the supply of raw materials for feeds
ingredients to farmers and other feed manufacturers, and the
provision of grain trading services for farmers. Its specialist
retailing activities comprise Wynnstay Stores, a network of country
stores catering for farmers and the wider rural community, Youngs
Animal Feeds, a manufacturer and distributor of equine products,
and Just for Pets, a chain of pet products stores based across the
West Midlands.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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