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Record results for Wynnstay
Animal seed manufacturer Wynnstay Group (WYN) has reported a record series of results for the year to October.
The Wales-headquartered business unveiled pre-tax profits of £5.95 million (2009: £5.2 million) on sales up 13.4 per cent to £243.7 million, driven by the acquisition of two companies.
Last May saw the AIM-listed concern purchase Woodheads Seeds and the remaining 50 per cent of Youngs Animal Feeds. Wynnstay enthused that the acquisition of Woodheads 'significantly scales Wynnstay's seed processing capability.'
Furthermore its specialist retail divisions Wynnstay Stores and Just for Pets were described as generating 'pleasing results', having opened two new pet products stores in the financial year at Burton upon Trent and Wolverhampton.
Chief executive Ken Greetham declared the group had achieved 'Its best set of results to date, with record levels of revenues and profit'. He enthused the 'excellent performance' came for a company that he said had 'a strong financial base, low gearing and good cash flows'
Looking forward he insisted the group remains 'very positive' about macro economic trends in the British agricultural industry and remarked that the strategy is to 'growth the business both organically and via acquisition.'
Following the results house broker Shore Capital updated its forecasts for 2011 and 2012 due to rising commodity, reducing its forecasts from £6.5 million to £6.4 million and from £7 million to £6.7 million for 2011 and 2012, respectively.
Recommended by Growth Company Investor last June at 271.5p the shares have performed well, gaining 18.8 per cent since and currently trading at 322.5p, down 2.5p this morning.
With growth in its pet store division and additional revenues from its recent acquisitions, the results are strong. However the rising price of the commodities used for its seed business are likely to impact upon the group's future profitability so it may be worth taking profit now while holding a significant chunk for speculative potential. Reduce.
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