- Wynnstay has posted a lower FY pretax profit of £7.3m, from a year-earlier profit of 8.3m, with revenue dipping to £368.1m, from £377.4m.

Looking ahead, Wynnstay said the broad spread and balanced nature of its activities remained a key strength, and the business remained focused on deepening its relationship with customers through the provision of additional specialist products and services.

"This will be particularly important as the agricultural industry adapts to the changes resulting from the decision for the UK to leave the EU," the company said in its results statement.

"Whilst it is too early to get a clear direction from the Government on future agricultural policy, the food and farming sectors are strategically important and make a significant contribution to the UK economy," it added.

"The Group's breadth of products and its geographical coverage, combined with balance sheet strength, means that Wynnstay is well placed to continue to develop as a major supplier to a broad customer base."

Wynnstay said that in the short term there had been a recovery in output prices for farmers, mainly as a result of the recent devaluation of sterling.

It added that the new financial year had begun in line with management expectations.

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