Wynnstay reflect on 'disappointing year' but 'confident' of future growth

The Llansantffraid-based group, which has a Shrewsbury plant at Astley Park,  saw revenue at £613.1m for 2024 , after revealing final results for the year ending October 31. That was down from £735.9m in 2023. 

Gross profit stood at £79.2m, compared with £79.9m the year before, with lower activity and decreased unit margins in fertiliser manufacturing and grain marketing. 

Adjusted operating profit was £7.9m,  having stood at £10.2m in 2023, though the company said it had a robust balance sheet with net cash at £32.8m. 

The Group said it is expected to deliver a stronger performance in FY25 than in FY24, helped by operational improvements already made.

Alk Brand, Chief Executive Officer of Wynnstay Group plc, said:  “It was a disappointing year for the Group, reflecting a number of challenges, including adverse weather, which impacted planting and growing conditions, falling commodity prices and underperformance in certain areas of the business. 

"More positively, investments progressed, cash flows were good, and the Group’s balance sheet remains strong.

“Together with the Board, I have reviewed the business, and we have launched Project Genesis. 

"It is a three-year transformation programme, which is focused on establishing a more efficient operating model to drive performance. 

"We are confident that this will better position Wynnstay for future growth and long-term success, and create substantial value for shareholders.

“Trading in the new financial year is in line with management expectations, and we anticipate an improved performance over last year, helped by the actions we have already taken.”