ࡱ > 6 9 5 [ bjbj 4& ΐ ΐ F F 4 N z z z z z z ] 7{ " ) 0 1 , 8 B ] ] 8 z z F O : WYNNSTAY
Eagle House
Llansantffraid
Powys
SY22 6AQ
T: 01691 828512
F: 01691 828690
www.wynnstay.co.uk
Media Release
21st January 2009
Extended business diversity results in financial growth for Wynnstay
The Wynnstay Group has today announced strong financial results for the year ended 31 October 2008.
The Group, which is based in Llansantffraid, Wales, manufactures and supplies agricultural products and services for farmers. In addition, it also operates two specialist retail chains, comprising Wynnstay Country Stores, with an offering tailored to the needs of farmers and rural dwellers, and the Just For Pets chain of pet product superstores.
The Group continued its strategy of sustained and continued growth in the agricultural sector throughout the year, by completing a number of bolt-on acquisitions including the purchase of the remaining 50% of the issued share capital of Welsh Feed Producers Limited in Carmarthen.
The annual results also reflect the acquisition in January 2008 of Wilsons Pet Centres, comprising 10 pet product superstores. The acquisition of these stores, which are located across the West Midlands, has brought additional scale, expertise and purchasing power to the Groups pet products division.
Ken Greetham, Chief Executive, commented, I am delighted to report on strong results for the Group. Wynnstay has continued to grow through a series of acquisitions in both its retail and agricultural divisions. The business has benefitted from added diversity as a result of our expansion into the pet sector and through retail growth with the opening of a number of new stores.
Our agricultural division has increased its contribution to the Group, aided by a background of more realistic prices for farm produce. Our trading businesses in this sector have performed well, making gains which are unlikely to be repeated in the current financial year.
We will continue to pursue our twin track strategy of developing both our agriculture and specialist rural retailing activities and believe that the Group is well placed to grow its core businesses. This strong performance will allow us to continue delivering quality and value to our farming customers.
-Ends-
Notes to editors:
Total revenues across the Group rose by 49% to 234.6m (2007: 157.0m) acquisitions contributed 12.6m
Group profit before tax increased by 61% to 5.22m (2007: 3.25m) includes share of profits from joint ventures and associate investments
Final dividend of 4p per share proposed, taking total to 6p per share (2007: 5.5p)
Net assets rose by 28% to 36.3m (2007: 28.4m)
For further information, please contact:
Today: Thereafter:
Ken Greetham, Chief Executive Paul Roberts, Finance Director
Tel: 020 7448 1000 Tel: 01691 828512
Issued by:
Paul Jennings, ABC Limited
Office: 01694 731914
Mobile: 07515 260331
This news release can be downloaded directly from the ABC Press Centre at www.abccomms.co.uk
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