Wynnstay’s record results
THE Mid-Wales based Wynnstay Group came out with its strongest ever set of annual results.
The business reported a 42 per cent rise in revenues to £346.18 million for the year ending October 31, 2011.
The performance was influenced by inflation in agricultural prices and growth driven by increased volumes - and the contribution from two recent acquisitions, Wrekin Grain and Woodheads Seeds. As well as its record revenues, the group reported a 17 per cent increase in pre-tax profits to £6.94m.
Chief executive Ken Greetham highlighted the acquisition of Wrekin Grain in May 2011 - now integrated with the group’s longstanding grain business Shropshire Grain - as a key contributor.
“The agricultural industry is a strong and important part of the UK economy,” said Mr Greetham. “We believe the long-term outlook for the industry is very positive, despite the potential for short-term pricing pressures.”