Business
Half Year Results
Half Year Results.
About this update from Wynnstay Group Plc
[{"type":"text","content":"\n \nRNS Number : 9197R Wynnstay Group PLC 20 June 2018 \n\nAIM: WYN\n20 June 2018\n \n \nWYNNSTAY GROUP PLC\n(\"Wynnstay\" or \"the Group\")\n \nHalf Year Results\nFor the six months to 30 April 2018\n \nKey Points\n \nSummary\n\n\n\n\n•\n\n\nEncouraging first half results reflect a continuing recovery in farmgate prices across the agricultural sector - farmer confidence is returning\n\n\n\n\n•\n\n\nGroup saw growth across both Divisions, and acquired 10 country stores in the first half, including 8 in April 2018\n\n\n\n\n•\n\n\nWynnstay remains well-positioned to meet current market expectations for the full year\n\n\n\n\n \nFinancial\n\n\n\n\n•\n\n\nRevenue from continuing operations up by 10.3% to £218.53m (2017: £198.14m)\n\n\n\n\n•\n\n\nOperating profit from continuing operations, before investment impairment and corporate restructuring and acquisition costs, up by 15.9% to £5.09m (2017: £4.40m)\n\n\n\n\n•\n\n\nProfit before tax from continuing operations up by 15.7% to £4.91m (2017: £4.25m)\n\n\n\n\n•\n\n\nEarnings per share from continuing operations increased by 13.3% to 20.14p (2017: 17.77p)\n\n\n\n\n•\n\n\nNet assets at 30 April 2018 increased to £88.05m (2017: £85.03m)\n\n\n\n\n•\n\n\nInterim dividend up by 5.0% to 4.41p per share (2017: 4.20p)\n\n\n\n\n \nOperational\n\n\n\n\n•\n\n\nAgricultural Division - revenue up 9.9% to £160.14m; operating profit up by 33% to £2.05m\n\n\n\n\n \n\n\n−\n\n\nstrongest recovery was in feeds, driven by both farmers returning to more typical feeding patterns and the protracted winter\n\n\n\n\n \n\n\n−\n\n\narable product orders were delayed by the late spring; on a year-to-date basis, sales are now at normal levels\n\n\n\n\n•\n\n\nSpecialist Retail Division - revenue up 11.4%; to £58.27m; operating profit up by 6.2% to £3.10m\n\n\n\n\n \n\n\n−\n\n\nWynnstay Stores benefited from the improved trading backdrop, with like-for-like sales up 8%, excluding inflation\n\n\n\n\n \n\n\n−\n\n\nacquired eight stores from the administrators of Countrywide Farmers plc at the end of April, and an investment and integration programme is now underway\n\n\n\n\n \n\n\n \n\n\n−\n\n\nestablishes a firmer footprint for Group in Devon and Cornwall\n\n\n\n \n \n \n \n \n\n\n\n \nCEO Succession\n\n\n\n\n•\n\n...