Wynnstay Group Plc (WYN.L), a provider of agricultural supplies and services to farmers and others, on Tuesday reported a decline in annual pre-tax income, mainly due to a drop in revenue.
Alk Brand, CEO of Wynnstay Group, said: "It was a disappointing year for the Group, reflecting a number of challenges, including adverse weather, which impacted planting and growing conditions, falling commodity prices and underperformance in certain areas of the business…"
For the 12-month period to October 31, 2024, the Group posted a pre-tax profit of 4.097 million pounds, lower than last year's 8.703 million pounds. Excluding items, profit before taxation was 7.616 million pounds, compared with 10.267 million pounds in 2023.
Adjusted earnings per share moved down to 23.78 pence from 36.17 pence per share last year.
Net profit stood at 2.789 million pounds, or 11.75 pence per share, as against 6.927 million pounds, or 30.30 pence per share, a year ago.
Operating profit slipped to 4.598 million pounds from the prior year's 8.788 million pounds. Adjusted operating earnings were 7.926 million pounds as against 10.160 million pounds a year ago.
Revenue was 613.053 million pounds, down from the previous year's 735.877 million pounds, due to a decline in commodity prices and a lower activity in feed and grain.
The Board will pay a final dividend of 11.90 pence per share on April 30 to shareholders on the register as of March 27. Together with the interim dividend of 5.60 pence per share, the final dividend brings the total dividend for the year to 17.50 pence per share, higher than last year's 17.25 pence per share.
Looking ahead, the Group expects to deliver a stronger performance in 2025 than in 2024, helped by operational improvements already made.
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