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Wynnstay Group PLC on Monday said restructuring efforts are feeding through to improved margins and operational efficiencies.
As a result, the Powys, Wales-based agricultural supplies and services company estimated underlying adjusted pretax profit of around £9.0 million in the financial year that ended October 31, ‘modestly ahead’ of current market expectations which it put at £8.5 million.
‘The performance reflects the early, tangible benefits of ’project genesis’, which is sharpening commercial focus, improving pricing discipline, strengthening margins and driving operational efficiencies across the group,’ Wynnstay said in a statement.
Project genesis is Wynnstay’s three-year programme to establish a more ‘efficient operating model to drive higher margins, profits and cash generation and to support the wider growth plans’.
Shares were up 4.2% to 336.70 pence each in London on Monday morning.
The Feed & Grain business delivered higher year-on-year profitability with lower feed volumes offset by stronger margins and firm cost control.
Arable profits increased year-on-year, while Stores division like-for-like retail sales were broadly unchanged.
Chief Executive Alk Brand said: ‘The group has delivered a strong performance for the year with tangible benefits of Project Genesis already materialising. This provides a strong platform for us to continue to invest in the business, supporting our long-term growth ambitions.’
Trading in the second half to date has been in line with management expectations and Wynnstay said it remains ‘on track’ to deliver a stronger full-year performance compared to financial 2024, in line with market expectations.
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