The Wynnstay Group Board is to declare an increased interim dividend of 5.40p per share (2021: 5.00p), up by 8.0% on the equivalent payment last year. The increased payment reflects both the strong results and the Directors continuing confidence in growth prospects.
The interim dividend will be paid on 31 October 2022 to shareholders on the register at the close of business on 30 September 2022. As in previous years, the Scrip Dividend alternative will continue to be available, with the last day for election for this scheme being 14 October 2022.
Other financial highlights include:
Record interim results, ahead of original management expectations, driven by:
firm market backdrop, with strong farmgate prices boosting farmer sentiment
- significant one-off gains from fertiliser blending activities at Glasson, caused by sharply rising natural gas prices
Revenue up 34% to £335.66m (2021: £249.71m), with significant inflation - accounted for c.£80m of the rise
- £6.4m first contribution from Humphrey acquisition, completed in March 2022
Underlying pre-tax profit up 85% to £10.21m (2021: £5.53m)/ Reported PBT up 78% to £9.56m (2021: £5.36m)
Basic earnings per share, including non-recurring items, up 71% to 36.99p (2021: 21.62p)
Net debt at 30 April 2022 on a pre-IFRS 16 basis increased to £7.62m (30 April 2021: £0.75m net cash), reflecting acquisition funding and higher working capital requirements due to inflation
Net assets up 10.5% to £111.68m/£5.50 per share at period end (30 April 2021: £101.05m/£5.05 per share)
