Wynnstay Group PLC AGM Statement (2020I)
March 20 2018 - 3:00AM
UK Regulatory
TIDMWYN
RNS Number : 2020I
Wynnstay Group PLC
20 March 2018
20 March 2018
AIM: WYN
Wynnstay Group plc
("Wynnstay" or the "Group")
AGM Statement
Wynnstay, the agricultural and retail group, will be holding its
Annual General Meeting this morning and Ken Greetham, Chief
Executive Officer, will make the following comment on current
trading:
"Trading in the first four months of the new financial year has
been encouraging, with increased demand for most products. This
reflects the general improvement in output prices and farmer
sentiment, particularly dairy farmers, after two years of very
depressed pricing, often below the realistic cost of
production.
"In the Agricultural Division, current feed demand is above last
year's levels and we are seeing efficiency benefits from our
investment at our Llansantffraid feed mill. Sales of fertiliser
have started to increase after tempered autumn demand, and we
expect a busy trading period ahead of the spring market. Our
fertiliser production facility at Montrose in Scotland, which was
acquired in November 2017, will also make a contribution to
volumes. Grain volumes are improving, although margins remain under
pressure, reflecting the wider UK market. Demand for spring seed is
encouraging, with most orders already on the books for the season.
Over the year, we plan to invest in our seed facility at Astley,
supporting Wynnstay's position as the UK's third largest seed
producer, as well as in our feed mills.
"In the Specialist Retail Division, comprising our agricultural
stores business, like-for-like sales in the first four months of
the new financial year were higher year-on-year, and we remain
optimistic that this trend will continue. In November, we acquired
a further outlet, M D Lloyd, located in mid-Wales, as part of the
ongoing development of our network. We are also continuing to
expand our other routes to market, through our Dairy and Sheep
& Beef catalogues, and our sales van operation.
"There are still important seasonal trading months ahead, but we
are encouraged by the Group's performance in the new financial year
so far."
Enquiries:
Wynnstay Group plc Ken Greetham, Chief Today
Executive T: 020 3178
Paul Roberts, Finance 6378
Director
KTZ Communications Katie Tzouliadis T: 020 3178
/ Irene Bermont-Penn 6378
/ Emma Pearson
Shore Capital (Nomad Stephane Auton / T: 020 7408
and Broker) Patrick Castle 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
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