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Wynnstay lifts dividend as adjusted earnings rise, despite lower sales
StockMarketWire.com
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Agricultural product supplier Wynnstay reported a 7.5% fall in annual profit after sales were hit by lower commodity prices amid the pandemic.
The company, however, increased its dividend after underlying earnings were boosted by lower spending.
Pre-tax profit for the year through October fell to £7.0 million, down from £7.6 million year-on-year, as revenue slipped 12% to £431.4 million.
Underlying pre-tax profit, however, rose 4% to £8.4 million as efficiency gains boosted margins.
Wynnstay declared a final dividend of 10p per share, taking total payouts for the year to 14.6p, up 4.3% year-on-year.
The company said farmer confidence had significantly improved following the signing of a post-Brexit trade deal and stronger farmgate prices.
Trading in the new financial year, it added, was in line with management expectations.
'Wynnstay's strengths have been clearly demonstrated in what was an exceptionally difficult year for both the agricultural sector and wider society,' chief executive Gareth Davies said.
'Our resilient results reflect well on our balanced business model, strong financial management and recent growth initiatives.'
At 8:00am: (LON:WYN) Wynnstay Group PLC share price was 0p at 315p
Story provided by StockMarketWire.com
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