Revenue and profits up for Wynnstay
26th June 2012
Wynnstay Group reports that revenue for the six months to 30 April 2012 increased by 18% to £193.67m (2011: £164.57m) with approximately £23.8m of the increase being attributable to higher sales in the new GrainLink business following the acquisition of Wrekin Grain in May 2011.
The agricultural supplies division contributed sales of £154.97m (2011: £129.76m) while specialist retailing operations contributed £38.68m (2011: £34.65m).
Group operating profit improved by 14% to £4.75m (2011: £4.15m). Agricultural supplies contributed operating profits of £2.92m (2011: £2.23m).
The specialist retail operations produced £2.00m (2011: £2.06m), with a good performance from Wynnstay Stores, which helped offset tougher conditions in the consumer-orientated Just for Pets business.
Net finance costs were £0.23m (2011: £0.18m), as a result of higher overall net debt levels due to the funding of last year's acquisition and the higher working capital utilisation resulting from the revenue increase. Profit before tax increased to £4.52m (2011: £3.97m), a rise of 14%. Earnings per share grew by 14% to 20.34p (2011: 17.91p).
Net assets at 30 April 2012 increased by 9% to £54.64m (2011: £49.96m). This represents approximately £3.29 per share (2011: £3.03 per share), based on the weighted average number of shares in issue during the period. The Board declared an interim dividend of 2.85p per share, which represents a rise of 9.6% on last year (2011: 2.60p).
At 9:00am: (LON:WYN) Wynnstay Group share price was +1p at 385p
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