StockMarketWire.com - Wynnstay warned profits for the first half of the financial year would be materially lower than for the same period last year.

The group's activities excluded the pet products operations, Just for Pets, which was expected to show a better performance for the first half, year-on-year.

Trading headwinds for farmers eased somewhat but the agricultural environment remained challenging, with margin pressures a feature.

Just for Pets continued to experience subdued demand, reflecting general retail trends in the sector, and certain stores in particular failed to delivered the expected performance, resulting in losses in this activity during the first half.

As a consequence, the board said it expected to book a non-cash goodwill impairment charge for the period although the level of this charge is yet to be finalised.

This would result in the company's reported profits for the first half of the financial year being materially lower than for the same period last year.

Its adjusted profit before tax (before the goodwill impairment charge) for this period will be marginally below last year, impacted by the Just for Pets performance.

Just for Pets remained a relatively small part of the wider group and, accordingly, the board is reviewing the options for the unit and expected to announce restructuring plans in the second half of the year.


At 8:02am: [LON:WYN] Wynnstay Group PLC share price was -42.5p at 582.5p



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