StockMarketWire.com - Agricultural product manufacturer Wynnstay posted a 4% rise in first-half profit and held its interim dividend steady, as cost control helped buffer a fall in sales.

Pre-tax profit for the six months through April increased to £4.30m, up from £4.12m on-year. Revenue fell 12% to £229.3m, amid weaker commodity prices.

Wynnstay held its interim dividend at 4.6p per share, a move it said reflected confidence in the strength of its underlying business.

Revenue in the agriculture division was hurt by extreme wet weather, which adversely affected winter planting season, reducing demand for arable inputs.

'These resilient results in the face of the headwinds created by the coronavirus pandemic, continuing Brexit uncertainty and subdued farmgate prices, demonstrate the robustness of the business,' chief executive Gareth Davies said.

'Wynnstay's broad spread of agricultural activities is a significant strength, acting as a natural hedge against sector variations.'

'The group is well-placed financially and operationally to navigate the ongoing coronavirus crisis.'

'While we expect the remainder of the year to remain challenging, our confidence in the long-term prospects for Wynnstay remain undiminished.'




At 9:53am: [LON:WYN] Wynnstay Group PLC share price was +23.5p at 271p



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