StockMarketWire.com - Agricultural product manufacturer Wynnstay Group posted a 24% rise in annual profit that it said exceeded market expectations amid improved farmgate prices.

Pre-tax profit from continuing operations rose to £9.5m, as revenue rose 18% to £462.6m.

The company declared an increased final dividend of 8.95p per share, taking total dividends for the year to to 13.36p, up 6.0% on-year.

'These strong results reflected the continued recovery in farmer spending with the improvement in farmgate price, also the unusually long dry Summer, which boosted feed, fertiliser and seed sales in the second half of the year,' chief executive Gareth Davies said.

'All of Wynnstay's key activities, including sales across our network of depots, showed year-on-year growth.'

'Trading for the new financial year has started in line with management expectations.'

'There are important trading months ahead and we will provide a further update at the group's AGM in late March.'




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