Wynnstay Group PLC AGM Statement (2961H)
24 Marzo 2020 - 1:00AM
UK Regulatory
TIDMWYN
RNS Number : 2961H
Wynnstay Group PLC
24 March 2020
24 March 2020
AIM: WYN
Wynnstay Group plc
("Wynnstay" or "the Group")
AGM Statement
Wynnstay, the agricultural and specialist merchanting group,
will be holding its Annual General Meeting this morning and will
make the following comment on current trading:
As expected, trading in the first four months of the new
financial year was subdued, but has been broadly in line with
management expectations. This market softness reflected generally
lower farmgate prices, severe wet weather that limited sowing
activities, and continued farmer cautiousness.
The situation regarding the coronavirus pandemic in the UK and
globally is rapidly evolving and creates very significant economic
and social uncertainties. The financial impact of this on the
business is difficult to predict. We note the government
announcement last night regarding shop closures and are seeking
clarification as to what this means for our agricultural stores,
which provide an essential service within the rural community and
food chain. In addition to any government measures, the challenges
facing the Group include colleague availability, likely changes in
demand for inputs, and a temporary increase to the cost base as we
address issues arising out of the current environment. The Board is
closely monitoring developments and will provide a further update
in due course.
The Board's overriding priority is the welfare of colleagues,
customers and communities, and while there is an uncertain macro
environment, the Group's strong balance sheet, substantial headroom
in banking facilities, and broad spread of activities provide
considerable resilience to address challenges. The Board retains
its view that looking beyond the current coronavirus crisis, the
business is well placed in the sector.
Final Dividend
For clarity, the Board confirms that the proposed final dividend
for the financial year ended 31 October 2019 is 9.40p per
share.
Enquiries:
Wynnstay Group plc Gareth Davies, Chief T: 020 3178 6378
Executive (today)
Paul Roberts, Finance T: 01691 827 142
Director
KTZ Communications Katie Tzouliadis T: 020 3178 6378
Dan Mahoney
Shore Capital (Nomad) Stephane Auton / Patrick T: 020 7408 4090
Castle
John More
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END
AGMUORURRVUOUUR
(END) Dow Jones Newswires
March 24, 2020 03:00 ET (07:00 GMT)
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