StockMarketWire.com - Agricultural product supplier Wynnstay Group booked a fall in first-half profit that it pinned on an unusually warm winter and more cautious farmer spending.

Pre-tax profit for the six months through April fell to £4.1m, down from £4.9m on-year.

The fall came despite revenue rising to £260.6m, up from £218.5m, thanks to higher commodity prices.

Wynnstay said abnormally warm winter had reduced demand for feed and feed-related products.

Farmer spending, meanwhile, was affected by lower farmgate prices and Brexit uncertainty.

The company declared an interim dividend of 4.6p, up 4.3% on-year.

'The combination of abnormally warm weather, which reduced feed demand during traditionally important months, and more cautious spending patterns by farmers in reaction to a softening in farmgate prices and Brexit uncertainties, created challenges for the agricultural supplies sector,' chief executive Gareth Davies said.

'Wynnstay's results reflect this.'

'We continued investing in our manufacturing and production plants, and have also expanded our farming customer base, strengthening our presence in the South West with an acquisition.'

"Wynnstay's long-term prospects within the industry remain strong, and at this stage of the financial year, the board's expectations for the full year outcome remain unchanged.'








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