Wynnstay Group, the agricultural and specialist retail business based in Llansantffraid, Mid Wales, has revealed its strongest ever set of annual results, showing a 42% rise in revenues to £346.18m for the year ending 31 October 2011.
Whilst there has been inflation in agricultural prices, the Group has experienced impressive growth, driven by increased volumes and the contribution from two recent acquisitions. As well as announcing record revenues, the Group reported a 17% increase in pre-tax profits to £6.94m.
Chief Executive, Ken Greetham, highlighted Wynnstay’s acquisition of Wrekin Grain in May 2011, which has now been integrated with the Group’s long standing grain business, Shropshire Grain to form GrainLink Ltd, as a key contributor to the Group’s strong results. The formation of GrainLink, which provides the Group with a national grain marketing presence, follows that of Woodheads Seeds in May 2010, which more than doubled Wynnstay’s seed processing capacity and has delivered a strong full twelve month contribution to results in 2011.
Commenting on the results, Chief Executive, Ken Greetham said,
“We are delighted with the results. Our broad spread of activities has enabled us to deliver growth across the Group. We continue to pursue a twin track growth strategy combining organic development with expansion via acquisitions. This approach has been highly successful as is demonstrated by the contribution from our two latest acquisitions.”
Wynnstay’s specialist retail operations also continue to make good progress, with a strong performance from the Group’s country outlets chain “Wynnstay Stores”, where the wide range of products attracts a broad cross-section of rural dwellers. The Group’s pet store chain “Just for Pets” also saw further growth, opening three new stores during the year to take the total number of outlets to 19.
Mr Greetham said, “Although the retail industry as a whole is experiencing tough trading conditions, our Wynnstay Stores business benefits from a high level of non-discretionary spend, leading to good growth in like-for-like sales last year. Meanwhile, we made further progress with our expansion in the pet retailing sector via our Just for Pets chain and indeed, our new Just for Pets stores have shown a particularly encouraging performance.”
“The agricultural industry is a strong and important part of the UK economy,” added Mr Greetham. “We believe that the long term outlook for the industry is very positive, despite the potential for short term pricing pressures, and Wynnstay’s position as a key and trusted supplier to the farming community ensures that we remain well placed for continued growth.”
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