Wynnstay Group plc (WYN.L), in its Annual General Meeting Statement, said it is on target to meet management budgets for the first half of the year. The Group added that its broad base of agricultural activities across both the feed and arable markets continues to provide robustness to the business.
Within the feed operations, sales were strong, in line with industry trends, and this is also reflected in the performance of raw materials trading at Glasson. Within the arable operations, the company reported good seed sales and the expected recovery in fertiliser sales, after subdued demand in the second half, is coming through as farmers approach the usage period. Trading at GrainLink, the Group's grain marketing operation, has been encouraging albeit as anticipated it has been affected by the very poor harvest conditions of 2012, impacting both grain quality and yields.
In addition, the Board remains confident that Wynnstay is well positioned for ongoing growth and views prospects for the year positively. Further, Wynnstay announced that Jeffrey Kendrick, Non-executive Director, proposed to retire from the board and the Group at the next AGM in 2014.
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