- Wynnstay said it has started the first four months of the new financial year well and was on target to meet management budgets in the first half.

In an AGM statement, the company said its broad base of agricultural activities across both the feed and arable markets continues to provide robustness to the business.

"Within the feed operations, sales have been strong, in line with industry trends, and this is also reflected in the performance of raw materials trading at Glasson. Within the arable operations, seed sales have been very good and the expected recovery in fertiliser sales, after subdued demand in H2, is coming through as farmers approach the usage period. Trading at GrainLink, the Group's grain marketing operation, has been encouraging although as expected it has been affected by the very poor harvest conditions of 2012, which impacted both grain quality and yields," Wynnstay said.

"The specialist retail division has delivered an encouraging performance to date. The Wynnstay Stores chain, now at 31 stores, continues to benefit from high levels of non-discretionary spend by its farming customer base. Footfall at the Just for Pets chain, with 21 stores currently, is responding well to marketing initiatives and like-for-like sales are ahead of the same period last year," it said.

"The Board remains confident that Wynnstay is well positioned for ongoing growth and views prospects for the year positively."

At 8:06am: [LON:WYN] Wynnstay Group share price was 0p at 465p

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