TIDMWYN
RNS Number : 9813M
Wynnstay Group PLC
27 January 2021
AIM: WYN
Wynnstay Group Plc
("Wynnstay" or the "Group" or the "Company")
Final Results
For the year ended 31 October 2020
Resilient results in an unprecedented year of challenges
Key points
Financial
-- Resilient results in a year of unprecedented challenges for
the sector
- historically poor 2019 autumn planting season and 2020
UK harvest at 20 year low
- subdued farmer confidence and investment, reflecting weaker
farmgate prices in H1 and Brexit uncertainty
- coronavirus pandemic
-- Revenue of GBP431.40m (2019: GBP490.60m), affected by commodity
deflation and reduced volumes in certain traded commodities,
in particular grain
-- Increase in underlying pre-tax profit*, up 4% to GBP8.37m (2019:
GBP8.01m)/ Reported PBT of GBP6.98m (2019: GBP7.55m)
-- Basic earnings per share, including non-recurring items, of
27.73p (2019: 30.95p)
-- Net cash at year end increased to GBP8.42m; GBP14.71m before
IFRS 16 implementation (31 October 2019: GBP3.84m before IFRS
16 implementation )
-- Net assets increased to GBP98.18m/GBP4.92 per share at year
end (31 October 2019: GBP94.95m/GBP4.79 per share)
-- Proposed final dividend of 10.00p (2019: 9.40p), taking total
for the year to 14.60p (2019: 14.00p), a 4.3% rise
Operational
-- Agriculture Division - revenue of GBP302.58m (2019: GBP358.69m),
profit of GBP2.88m (2019: GBP2.95m)
- feed activity performed very well - improved gross margin,
with manufactured volumes in line with last year
- arable activity was affected by lower demand for arable
inputs and reduced volumes of grain available for trading,
reflecting very poor autumn planting and harvest
- Glasson activity delivered a solid performance
-- Specialist Agricultural Merchanting Division - revenue of GBP128.81m
(2019: GBP131.84m), profit increased 10% to GBP5.78m (2019:
GBP5.24m)
- like-for-like sales were just 1% lower, helped by a stronger
H2
- margins enhanced by ongoing efficiency programme, and network
optimisation continued
-- Continued focus on strengthening specialist advisory teams
across all our sectors
-- Reorganisation of management structure in H2; new roles and
reporting lines to support growth plans
-- Significant investment programme started in FY2021 to increase
feed manufacturing capacity and improve productivity
Outlook
-- Farmer confidence significantly improved with EU trade deal
and stronger farmgate prices
-- UK Agriculture Bill creates significant opportunities with
farmers now incentivised for efficiency and environment initiatives
-- Trading in the new financial year is in line with management
expectations
* Underlying pre-tax profit is a non-GAAP (generally accepted
accounting principles) measure and is not intended as a substitute
for GAAP measures and may not be calculated in the same way as
those used by other companies. Refer to Note 14 for an explanation
on how this measure has been calculated and the reasons for its
use.
Gareth Davies, Chief Executive of Wynnstay, commented:
"Wynnstay's strengths have been clearly demonstrated in what was
an exceptionally difficult year for both the agricultural sector
and wider society. Our resilient results reflect well on our
balanced business model, strong financial management and recent
growth initiatives.
"The new financial year has started well, and Wynnstay's
performance is in line with management expectations. We remain
focused on developing our channels to market, investing to build
capacity and capability, particularly advisory, and implementing
efficiencies.
"Stronger farmgate prices, the EU settlement and UK Agricultural
Bill continue to buoy sentiment across the farming sector. We
believe that Wynnstay is in an excellent position to help farmers
adapt to new priorities set by the Agricultural Bill, and look to
the future with confidence".
Enquiries:
Wynnstay Group Plc Gareth Davies, Chief T: 020 3178 6378 (today)
Executive T: 01691 827 142
Paul Roberts, Finance
Director
KTZ Communications Katie Tzouliadis / Dan T: 020 3178 6378
Mahoney
Shore Capital (Nomad Stephane Auton / Patrick T: 020 7408 4090
and Broker) Castle / John More
CHAIRMAN'S REPORT
Overview
The Group has delivered a very resilient trading performance in
an unprecedented year of challenges. Underlying pre-tax profit*
increased by 4% to GBP8.37m (2019: GBP8.01m) on revenues of
GBP431.40m (2019: GBP490.60m). This pleasing result, which is ahead
of original market expectations, was helped by a strong close to
the year, particularly for feed sales, which benefited both the
Agricultural Division and Specialist Agricultural Merchanting
Division. It also reflects well on the Group's strategy, which is
focused on further developing existing products and services,
strengthening channels to market, and improving efficiency and
productivity. Our balanced business model, which spans both arable
and livestock sectors, also provided a strong natural hedge to the
sector variations experienced in the year.
The challenges over the financial year were significant even
without the coronavirus crisis. We started the financial year with
subdued farmer confidence, arising from lower farmgate prices and
continuing Brexit uncertainty. The abnormally wet 2019 autumn
severely disrupted planting, resulting in one of the worst seasons
on record and consequently low demand for arable inputs and a
historically poor autumn harvest and reduced grain trading. The
onset of the coronavirus pandemic created further difficulties.
However, our teams responded magnificently and, as an essential
service provider, we worked hard to rapidly adopt new safety
practices so that we could continue to operate all our sites while
ensuring the welfare of our colleagues, customers, suppliers and
communities. Other than for a short period when a handful of depots
were closed, we have kept all our depots, manufacturing and
processing facilities open and operating in line with government
restrictions.
Despite the additional demands of responding to the pandemic, we
made good progress with strategic growth initiatives. We continued
with our outlet optimisation programme, closing two sites, and have
further strengthened our specialist advisory teams, particularly in
youngstock, animal health, dairy and free range egg production, all
of which are growth areas for the Group. We have also introduced a
sales trading desk to support our on-farm specialists, and will be
continuing to focus on developing our channels to market, including
digital. With the expiry of our lease on our Selby seed plant in
Yorkshire, we closed this site in December and are exploring
options for a new site. We are also planning to invest in our seed
processing plant at Astley in Shrewsbury to increase capacity and
efficiency.
Towards the end of the financial year, we put into effect a
reorganisation of the Group's management structure. These changes
encompassed the creation of new management roles with new
designated areas of responsibility and reporting lines. The new
management structure will better support our growth plans for the
business and strengthen our operational effectiveness. We expect to
conclude this significant major initiative over the coming
months.
Financial Results
Group revenue decreased by 12% to GBP431.40m (2019: GBP490.60m),
which mainly reflected commodity price deflation and significantly
reduced volumes in certain categories, notably grain trading. The
impact was felt most by the Agriculture Division, where revenue was
down by 16% to GBP302.58m (2019: GBP358.69m). Revenue in the
Specialist Agricultural Merchanting Division was 2% lower at
GBP128.81m (2019: GBP131.84m). This mainly reflected the impact of
restricted trading protocols, introduced at the start of the
coronavirus crisis. Like-for-like sales for this Division reduced
by 1%.
Underlying pre-tax* profit, the Board's preferred alternative
performance measure, which includes the gross share of results from
joint ventures and excludes share-based payments and non-recurring
items, increased by 4% to GBP8.37m (2019: GBP8.01m). The
Agriculture Division contributed GBP2.88m (2019: GBP2.95m) to this
result, which included contributions from joint ventures, and the
Specialist Agricultural Merchanting Division contributed GBP5.78m
(2019: GBP5.24m). Other activities generated a small loss of
GBP0.12m (2019: loss of GBP0.05m). On an IFRS basis, reported
profit before taxation was GBP6.98m (2019: GBP7.55m).
The Group incurred a number of additional charges in the year,
mainly relating to its strategic reorganisation, but also including
site closure charges and goodwill impairments charges. Together
these amounted to GBP1.19m (2019: GBP0.3m).
The Group adopted the new accounting standard, IFRS 16, relating
to leases, which replaces rental expense with right-of-use asset
amortisation and interest. As a result, reported net finance costs
increased by GBP0.09m to GBP0.27m (2019: GBP0.18m excluding IFRS
16).
Profit after taxation was GBP5.53m (2019: GBP6.13m), and basic
earnings per share was 27.73p (2019: 30.95p).
Cash flows and balance sheet
Continued strong cash generation, together with tight control of
working capital, left the business with net cash, before lease
obligations, at the financial year-end of GBP18.41m (31 October
2019: GBP7.57m). After deducting total lease obligations of
GBP9.99m (2019: GBP3.72m excluding IFRS 16), total net cash at 31
October 2020 amounted to GBP8.42m (2019: GBP3.84m).
The Group's balance sheet remains strong with net assets 3%
higher at GBP98.18m (2019: GBP94.95m) at the financial year-end.
This equates to GBP4.92 (2019: GBP4.79) per share, and the return
on net assets was 8.6% (2019: 8.5%).
Dividend
The Board is pleased to propose the payment of a final dividend
of 10.00p per share. Together with the interim dividend of 4.60p
per share, paid on 31 October 2020, this takes the total dividend
for the year to 14.60p, an increase of 4.3% on last year (2019:
14.00p).
The final dividend will be paid on 30 April 2021 to shareholders
on the register on 6 April 2021, subject to shareholder approval at
the AGM. A scrip dividend alternative will continue to be available
as in previous years. The last date for election for the scrip
dividend will be 16 April 2021.
The Board and Colleagues
On behalf of the Board, I would like to thank all our colleagues
for their professionalism and dedication in a very difficult year.
The drive to ensure that the business was able to adapt swiftly to
the new conditions created by the coronavirus pandemic and to
maintain operations, while ensuring the safety of colleagues,
customers and suppliers, was outstanding.
Following our reorganisation of operations, Andrew Evans stood
down from the Board on 1 December 2020. Nonetheless, he remains a
key member of the Senior Executive Team in his new role of Group
Operations and Feeds Director. On behalf of my fellow Directors, I
would like both to formally acknowledge Andrew's contribution as a
member of the Board since 2008, and to welcome his ongoing
significant contribution as member of the Senior Executive
Team.
Outlook
Now that a non-tariff trade agreement has been concluded with
the EU, the picture for UK agriculture is significantly clearer as
we start 2021, and a major uncertainty has been removed. We expect
to see investment recommence and the sector move forward, with UK
food producers also having the ability to seek new markets for
agricultural products. The UK Agriculture Bill will change the way
that farmers are supported by the Government, and we anticipate
that a more resilient agricultural sector will result. We also
expect opportunities for Wynnstay to provide support as farmers
focus on environmental investment and efficiencies. We therefore
view medium and long-term prospects for our industry
positively.
Agricultural commodity prices have generally improved over the
past 12 months and the short-term outlook remains strong. Winter
cereal plantings are significantly greater than a year ago, in line
with a more normal sowing season. This will drive demand for arable
inputs and yield a larger crop to trade post-harvest.
While the coronavirus and associated restrictions remain a
concern, the onset of the national vaccination programme should
help to underpin social and economic recovery. We have clear
targets for the business over the next few years. These include
continuing investment to improve productivity and support growth,
and a focus on ensuring that we are best placed to support UK
farmers as they pivot to new priorities, including environmental
initiatives and the adoption of new farming practices. We see a
significant role for Wynnstay in supporting farmers with products
and services to help drive sustainability and greater efficiency as
well as to reduce carbon emissions, including the management of
farm waste.
Our ongoing investment in widening the Group's knowledge base
and advisory teams, and the importance we place on innovative
products and services by working with our valued suppliers, is
integral to positioning Wynnstay as a leading UK agricultural
supplier. The reorganisation that we have substantially completed
is also part of this strategy, and should support greater
innovation and flexibility as we look to develop and grow our
channels to market.
The new financial year has started well, and the Board remains
confident that the Group is well-placed to progress with its
strategic objectives. We will also continue to assess acquisition
opportunities that align with our growth strategy, and look to the
future with confidence.
Jim McCarthy
Chairman
* Underlying pre-tax profit is a non-GAAP (generally accepted
accounting principles) measure and is not intended as a substitute
for GAAP measures and may not be calculated in the same way as
those used by other companies. Refer to Note 14 for an explanation
on how this measure has been calculated and the reasons for its
use.
CHIEF EXECUTIVE OFFICER'S REPORT
INTRODUCTION
Wynnstay's strengths have been clearly demonstrated in what was
an exceptionally difficult year for both the agricultural sector
and wider society. Farmer confidence at the start of the financial
year was low because of weaker farmgate prices and ongoing
Brexit-related uncertainties. The highly disrupted autumn planting
season in 2019 and the dry, late spring created further
difficulties for arable farmers while, from March 2020, the
coronavirus pandemic and government sanctions to control virus
spread affected farmers across all sectors. Farmgate prices for red
meat and milk were especially hit by the initial national lockdown,
although they recovered during the year.
Wynnstay's results for the full year are significantly better
than our expectations at the time of the interim results following
a stronger than anticipated second half of the year. Reduced
revenue of GBP431.40m (2019: GBP490.60m) principally reflected
commodity deflation and decreased volumes of traded commodities,
especially grain, feed raw materials and fertiliser. Underlying
pre-tax profit at GBP8.37m was 4% ahead of last year (2019:
GBP8.01m), itself a difficult year for the sector, and we are
pleased with this outcome given the circumstances.
The results were underpinned by our robust balance sheet and
balanced business model, with its broad spread of products and
services, which ensure that we are not unduly exposed to any
particular sector. While a weaker performance from arable
activities materialised as expected, feed sales performed very
well, benefiting both our Divisions. The second half was especially
strong for manufactured feed (bulk and bagged) in terms of both
volume and gross margins, and we secured new business particularly
in the dairy and free range egg sectors. Glasson Grain generated a
solid performance, although below last year's record level.
The Specialist Agricultural Merchanting Division delivered a 10%
improvement in profit contribution, although sales of some product
lines were adversely affected by initial lockdown restrictions.
This was helped by the efficiency programme introduced during the
last financial year, and which remains under way.
We continued to invest across the Group, and have now started a
major three year investment programme at our Carmarthen feed mill.
This will significantly increase our manufacturing capacity and
improve productivity. We are also considering options for a new
seed processing facility. This would replace our former plant at
Selby, and in the meantime, we will be investing in our seed
processing plant at Astley, in Shropshire to increase capacity and
productivity.
Increasingly we are focusing on accelerating our environmental
and sustainability agenda, addressing raw materials and products
sourcing and carbon impact. We have made progress with utilising
bio-diesel for our commercial delivery fleet, and will make further
improvements across the business to reduce carbon emissions. In
addition, we envisage playing a significant role in supporting our
customers with environmental initiatives, which are a key focus of
the new UK Agriculture Bill.
In the second half of the year, we substantially completed a
significant reorganisation of our operational management, further
information on which is provided below.
REORGANISATION
We completed a review of the Group's core organisational
structure and implemented a number of changes that will better
support the Board's plans for the Group's future growth and
development, including our investment programmes.
At the heart of the changes has been a reorganisation of the
management of Wynnstay (Agricultural Supplies) Limited, where we
have created new senior management roles. These cover Group
Operations and Feeds, Arable including GrainLink, and Sales and
Marketing. Reporting lines have been reorganised accordingly. We
believe this new structure provides for enhanced effectiveness and
sales agility. It also supports our multi-channel and environmental
and sustainability strategies. I would like to thank Andrew Evans,
who is now heading Group Operations and Feeds, for leading this
important reorganisation.
REVIEW OF ACTIVITIES
AGRICULTURAL DIVISION
The Agriculture Division manufactures and processes a wide range
of agricultural inputs, including feeds, fertiliser and seeds, as
well as providing grain-marketing services. Over recent years, the
Division has focused on enhancing its offering through specialist
advisory teams and this remains a focus.
Divisional revenue was 16% lower at GBP302.58m (2019:
GBP358.69m), mainly reflecting lower commodity prices and the very
poor winter planting season and dry spring, which reduced activity
across certain product categories, especially grain, feed raw
materials and merchanted fertiliser. The Division's profit
contribution reduced by 2% year-on-year to GBP2.88m (2019:
GBP2.95m).
Feed
We manufacture both ruminant and monogastric products in
compounded, blended and meal form. This wide range provides
protection against fluctuations in demand. All our manufactured
feed is sold under the Wynnstay brand, and in addition to bulk
deliveries to farm, a growing percentage of our feed is sold in
20kg or 500kg bagged form, predominantly via our depot network.
Total feed volumes were in line with last year, and gross
margins improved, helped by our strong positions in raw materials
and production efficiencies.
Compound dairy feed volumes strengthened in the second half of
the financial year after a weaker first half and matched last
year's level. This reflected the recovery in milk prices after
lower demand in the early part of the financial year as a result of
good on-farm forage stocks, the mild winter and a drop in demand
for liquid milk from the hospitality sector during the coronavirus
lockdown. We have also gained new customers following a successful
campaign led by our dairy technical team.
Poultry feed sales for the free range egg market continued to
grow, and we have further strengthened our specialist poultry team
of advisors to drive expansion. Demand from the sheep feed market
recovered from the previous year both for breeding sheep feed and
lamb finishing rations as farmers chose to market their lambs
earlier, in order both to take advantage of higher market prices
and before a potential "no-deal" Brexit.
We have continued to focus on the technical knowledge within our
teams, and as well as strengthening our poultry team, we have
strengthened our specialist teams in dairy, youngstock, beef and
sheep. This will support our growth plans in these areas.
We started a significant expansion programme at our Carmarthen
feed mill, although its commencement was delayed by the coronavirus
pandemic. This major investment will be completed over the next
three years. It will significantly increase our feed manufacturing
capacity, improve efficiency and support better environmental
practices.
Arable Products
It has been a challenging year for our arable activities. This
was caused by the exceptionally wet autumn of 2019, which
drastically reduced farmers' ability to sow winter cereal crops,
and the dry spring that followed, which had a detrimental impact on
yields. As a result, demand for fertiliser and other inputs
reduced, traded grain volumes contracted, and there was decreased
demand for seed in autumn 2020, given the significant carry-over of
unsown seed from the prior year. Margins were also squeezed as
suppliers chased reduced volumes.
The UK wheat harvest in 2020 was 37.5% lower than the 2019
harvest, the lowest production seen since 1981. While this,
together with the reduced oilseed rape crop, dramatically impacted
trading volumes for GrainLink, our specialist combinable crop
marketing business, the business still made a profitable
contribution to the Division's performance. GrainLink is currently
considering alternative protein crops to contract with growers. We
have also moved grain traders to remote working and closed the
Grantham trading office, so reducing costs. With a more normal
autumn planting season in 2020, we expect a significantly improved
performance from GrainLink in 2021.
Spring cereal seed sales were boosted by farmers turning to
spring sowing after the exceptionally poor winter cereals seed
planting season, and sales were up 40% on the previous year. With
an estimated carry-over of 30% of the 2019 purchased winter cereal
seed, as expected, winter 2020 sales were down year-on-year.
Margins were also affected by the necessity to purchase seed from
third parties because yields of contracted seed were low. Grass
seed sales performed above the previous year.
We decommissioned our seed plant in Selby when its lease came up
for renewal in December 2020, and are now in the process of
identifying a suitable site for a modern, new plant. We will
continue to invest at our Astley seed processing plant and will be
utilising facilities with collaborative partners in 2021.
National fertiliser usage contracted by approximately 10%, and
our own merchanted sales was similarly affected. We have continued
to focus on improving our market position, with our suitably
qualified FACTS advisors offering expert advice covering all
aspects of fertiliser usage. We have also launched a sales trading
desk that will offer an additional route to market, complementing
our specialist team at Astley.
Looking forward, strong market prices and the large acreage of
autumn plantings give us confidence for a significantly improved
arable performance in 2021.
Glasson Grain Limited
The Glasson Grain business, which is based at Glasson Dock near
Lancaster, comprises three core activities, the supply of feed raw
materials, the production and distribution of fertilisers, and the
manufacture of added value animal feed products.
Glasson generated a solid performance, in line with management
expectations although below last year's outstanding
performance.
The fertiliser blending operation manufactured record volumes,
with all three sites contributing to this result. Margins came
under some pressure as competitors reacted to lower demand,
reflected in the 10% reduction in national usage. However, prices
recovered in the second half and Glasson remains the second largest
blended-fertiliser manufacturer in the UK. Feed raw material
volumes were lower than last year, because of both the mild winter
and an abundance of grass in the summer period. Our added value
animal feed products performed well and although the coronavirus
impacted sales to the wild bird market, we secured some additional
markets.
The business is well placed for the current financial year.
SPECIALIST AGRICULTURAL MERCHANTING DIVISION
The Specialist Agricultural Merchanting Division trades
predominantly through a network of 54 depots but also via
additional channels-to-market, including specialist catalogues for
the dairy, poultry, beef and sheep sectors, and online. Youngs
Animal Feeds is accounted for within this Division. It manufactures
and distributes a wide range of equine products, which are sold in
Wales and the Midlands through three dedicated outlets and a number
of Wynnstay depots.
Divisional revenue was 2% lower at GBP128.81m (2019:
GBP131.84m), although like-for-like revenue was just 1% down, with
the year-on-year reductions mainly reflected the constrictions to
trading at the onset of the first national coronavirus-related
lockdown. The Division's profit contribution increased by 10% to
GBP5.78m (2019 GBP5.24m), helped by stronger sales in the second
half and previous efficiency initiatives.
Wynnstay Depots and Youngs Animal Feeds
We are pleased with the performance of the depots during a year
in which the challenges to normal operations were severe, and
included temporary depot closures to the public, a switch over to
an "order and collect" only service, and the establishment of a
coronavirus-secure environment following Government guidelines to
ensure the safety to our employees and customers. Many customers
have continued to operate on an "order and collect" basis.
While the wet and mild winter period in the first half impacted
sales of certain product categories, such as hardware materials and
feed blocks, sales in the second half of the financial year closed
strongly. Wynnstay-branded bagged feed sales were very good, helped
by a vigorous marketing campaign in our trading area, as were sales
of animal health products, milk replacers and fencing products.
Sales and profits at Youngs Animal Feeds were lower
year-on-year, affected by the cancellation of horse events due to
the coronavirus. However the popularity of our feed range remains
high and the business retains a loyal customer base.
We continued with our network optimisation and efficiency
programmes. In July, we closed the Wynnstay depot at Salisbury in
Wiltshire, taking depot numbers to 54, and, in October, closed the
Youngs Animal Feed outlet in Huyton in Merseyside, when its lease
came up for renewal. Nonetheless, we were able to retain the
majority of both customer bases.
ENVIRONMENTAL INITIATIVES
We continue to push forward with sustainable sourcing and to
evaluate the origin of all of our feed raw materials. We are
pleased to report that soya within Wynnstay feed rations has moved
entirely to sustainable sources.
As part of our strategy to reduce carbon emissions, the majority
of our commercial delivery fleet now utilises fuel product with
bio-diesel, and we are looking at adaptations to decrease fuel
usage. We have also continued with the conversion of the
composition of Wynnstay feed bags, which now include a minimum of
30% recyclable plastic. Our feed formulation specialists have
introduced lower protein rations and are trialling methane
inhibitors to reduce carbon emissions.
Llansantffraid Feed Mill has recently undergone its third annual
'Green Dragon' audit, after first gaining this accreditation in
November 2018. We completed the audit and maintained our Level 3
accreditation, with no non-conformances. The accreditation is
awarded to organisations that are taking action to understand,
monitor and control their impacts on the environment.
JOINT VENTURE AND ASSOCIATE COMPANIES
Wynnstay has three joint venture companies, Bibby Agriculture
Limited, Wyro Developments Limited and Total Angling Ltd and one
associate company, Celtic Pride Limited. The three JVs performed
well during the year and the combined profit contribution from the
four businesses was higher year-on-year.
COLLEAGUES
The past year has been exceptionally challenging for all our
colleagues and I am extremely proud of their outstanding response
during this time, and their commitment to the business. It has
meant that we were able to maintain all our operations and provide
customers with a continued high level of service. Colleagues have
also shown great care regarding the health and welfare of fellow
colleagues, customers and suppliers. I look forward to a successful
year ahead.
OUTLOOK
The UK's trade deal with the EU has introduced clarity and
stability for UK farming and removed an obstacle that has been
inhibiting farmer confidence and investment spending. The new UK
Agricultural Bill maps out the support that the Government will
provide to farmers post-Brexit, and 2021 marks the start of a seven
year transition period that will see direct payments reduce and
farmers incentivised for efficiency and environmental projects. The
continued social and economic impacts of the coronavirus pandemic
mean that uncertainties remain. However, we anticipate that farmers
will adjust to the new world and invest in their businesses to
improve efficiency and productivity while also addressing
environmental issues.
Our commitment to the environment and sustainability, both
through carbon footprint reduction and steps to source sustainable
products and promote precision farming, will help support our
customers. It will also ensure that we are playing our part to
benefit both the local communities in which we live and work, and
society more widely.
A major investment programme in our manufacturing facilities is
now under way and will help advance our environmental goals as well
as enhancing productivity and efficiency.
The operational reorganisation that we are in the process of
completing supports our growth ambitions and in particular has
created more focused sales channels. Progress with the development
of our digital offering continues.
The new financial year has started well. Stronger farmgate
prices towards the end of 2020, along with the EU settlement and UK
Agricultural Bill, have helped to buoy sentiment across the farming
sector. Wynnstay's performance to date is in line with management
expectations, and we believe that our strong financial position and
balanced business model puts us in an excellent position to make
good progress over the coming year and beyond.
We look to the future with confidence.
Gareth Davies
Chief Executive Officer
WYNNSTAY GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 October 2020
2020 2019
Note GBP000 GBP000 GBP000 GBP000
------- ---------- ------- ----------
Revenue 2 431,398 490,602
Cost of sales (370,630) (428,621)
Gross profit 60,768 61,981
Manufacturing, distribution
and selling costs (46,033) (48,177)
Administrative expenses (6,945) (6,434)
Other operating income 351 385
Adjusted(1) operating profit 8,141 7,755
Amortisation of acquired intangible
assets and share-based payment
expense 4 (132) (77)
Non-recurring items 4 (1,194) (301)
------------------------------------- ----- ------- ---------- ------- ----------
Group operating profit 6,815 7,377
Interest income 164 164
Interest expense (436) (348)
------- ---------- ------- ----------
3 (272) (184)
Share of profits in joint ventures
and associates accounted for
using the equity method 538 463
Share of tax incurred by joint
ventures and associates (100) (103)
------- ---------- ------- ----------
6 438 360
Profit before taxation 6,981 7,553
Taxation 7 (1,448) (1,421)
------- ---------- ------- ----------
Profit for the year and other
comprehensive income attributable
to the equity holders 5,533 6,132
Basic earnings per ordinary
share (pence) 27.73 30.95
Diluted earnings per ordinary
share (pence) 27.57 30.95
WYNNSTAY GROUP PLC
CONSOLIDATED BALANCE SHEET
As at 31 October 2020
2020 2019
Note GBP000 GBP000
--------- ---------
ASSETS
NON-CURRENT ASSETS
Goodwill 14,367 14,968
Investment property 2,372 2,372
Property, plant and equipment 17,545 23,225
Right-of-use assets 11,240 -
Investments accounted for
using equity method 3,611 3,175
Intangibles 225 261
49,360 44,001
--------- ---------
CURRENT ASSETS
Inventories 34,190 42,239
Trade and other receivables 55,850 63,887
Financial assets
* loan to joint venture 3,889 4,413
Cash and cash equivalents 11 19,980 10,608
113,909 121,147
--------- ---------
TOTAL ASSETS 163,269 165,148
--------- ---------
LIABILITIES
CURRENT LIABILITIES
Financial liabilities -
borrowings 11 (1,572) (3,686)
Lease liabilities 11 (3,483) -
Trade and other payables (52,326) (62,113)
Current tax liabilities (784) (894)
(58,165) (66,693)
--------- ---------
NET CURRENT ASSETS 55,744 54,454
--------- ---------
NON-CURRENT LIABILITIES
Financial liabilities -
borrowings 11 - (3,078)
Lease liabilities 11 (6,509) -
Trade and other payables (141) (201)
Deferred tax liabilities (276) (228)
(6,926) (3,507)
--------- ---------
TOTAL LIABILITIES (65,091) (70,200)
--------- ---------
NET ASSETS 98,178 94,948
--------- ---------
EQUITY
Share capital 10 5,013 4,974
Share premium 30,637 30,284
Other reserves 3,525 3,429
Retained earnings 59,003 56,261
TOTAL EQUITY 98,178 94,948
--------- ---------
WYNNSTAY GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 31 October 2020
Share
Share premium Other Retained
capital account reserves earnings Total
Group GBP000 GBP000 GBP000 GBP000 GBP000
---------- --------- ---------- ----------- --------
At 1 November 2018 4,943 29,941 3,377 52,812 91,073
Profit for the year - - - 6,132 6,132
Total comprehensive
profit for the year - - - 6,132 6,132
---------- --------- ---------- ----------- --------
Transactions with owners
of the Company, recognised
directly in equity:
Shares issued during
the year 31 343 - - 374
Own shares disposed
of by ESOP trust - - 3 - 3
Dividends - - - (2,683) (2,683)
Equity settled share-based
payment transactions - - 49 - 49
Total contributions
by and distributions
to owners of the Company 31 343 52 (2,683) (2,257)
---------- --------- ---------- ----------- --------
At 31 October 2019 4,974 30,284 3,429 56,261 94,948
---------- --------- ---------- ----------- --------
Profit for the year - - - 5,533 5,533
Total comprehensive
income for the year - - - 5,533 5,533
---------- --------- ---------- ----------- --------
Transactions with owners
of the Company, recognised
directly in equity
Shares issued during
the year 39 353 - - 392
Dividends - - - (2,791) (2,791)
Equity settled share-based
payment transactions - - 96 - 96
Total contributions
by and distributions
to owners of the Company 39 353 96 (2,791) (2,303)
---------- --------- ---------- ----------- --------
At 31 October 2020 5,013 30,637 3,525 59,003 98,178
---------- --------- ---------- ----------- --------
There was no other comprehensive income during the current and
prior years and all amounts are derived from continuing
operations.
WYNNSTAY GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 October 2020
2020 2019
Note GBP000 GBP000
-------- --------
Cash flows from operating activities
Cash generated from operations 12 20,372 14,756
Interest received 164 164
Interest paid (436) (348)
Tax paid (1,510) (1,680)
Net cash generated from operating activities 18,590 12,892
-------- --------
Cash flows from investing activities
Proceeds from sale of property, plant
and equipment 194 288
Purchase of property, plant and equipment (1,058) (2,412)
Acquisition of subsidiaries, net of
cash acquired (125) (893)
Own shares disposed of by ESOP trust - 3
Dividends received from joint ventures
and associates 2 132
Net cash used by investing activities (987) (2,882)
-------- --------
Cash flows from financing activities
Net proceeds from the issue of ordinary
share capital 392 374
Lease repayments (4,362) (1,798)
Repayment of borrowings (1,470) (1,971)
Dividends paid to shareholders 8 (2,791) (2,683)
Net cash used by financing activities (8,231) (6,078)
-------- --------
Net increase in cash and cash equivalents 9,372 3,932
Cash and cash equivalents at the beginning
of the period 10,608 6,676
Cash and cash equivalents at the end
of the period 11 19,980 10,608
======== ========
WYNNSTAY GROUP PLC
NOTES TO THE ACCOUNTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The Company is taking advantage of the exemption in s408 of the
Companies Act 2006 not to present its individual income statement
and related notes that form part of these approved financial
statements.
Changes in accounting policies
New standards impacting the Group that will be adopted in the
annual financial statements for the year ended 31 October 2020, and
which have given rise to changes in the Group's accounting policies
are:
-- IFRS 16 Leases (IFRS 16); and
-- IFRIC 23 Uncertainty over Income Tax Treatments (IFRIC
23)
Details of the impact of IFRS 16 have had are given in note 13
below. The adoption of IFRIC 23 has not had a material impact.
Other new and amended standards and Interpretations issued by the
IASB that will apply for the first time in the next annual
financial statements are not expected to impact the Group as they
are either not relevant to the Group's activities or require
accounting which is consistent with the Group's current accounting
policies.
New Standards, interpretations and amendments not yet
effective
There are a number of standards, amendments to standards, and
interpretations which have been issued by the IASB that are
effective in future accounting periods that the group has decided
not to adopt early.
The following amendments are effective for the period beginning
1 January 2020:
-- IAS 1 Presentation of Financial Statements and IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors
(Amendment - Definition of Material)
-- IFRS 3 Business Combinations (Amendment - Definition of
Business)
-- Revised Conceptual Framework for Financial Reporting
In January 2020, the IASB issued amendments to IAS 1, which
clarify the criteria used to determine whether liabilities are
classified as current or non-current. These amendments clarify that
current or non-current classification is based on whether an entity
has a right at the end of the reporting period to defer settlement
of the liability for at least twelve months after the reporting
period. The amendments also clarify that 'settlement' includes the
transfer of cash, goods, services, or equity instruments unless the
obligation to transfer equity instruments arises from a conversion
feature classified as an equity instrument separately from the
liability component of a compound financial instrument. The
amendments are effective for annual reporting periods beginning on
or after 1 January 2022.
Wynnstay Group Plc is currently assessing the impact of these
new accounting standards and amendments. The Group does not believe
that the amendments to IAS 1 will have a significant impact on the
classification of its liabilities.
2. SEGMENTAL REPORTING
IFRS 8 requires operating segments to be identified on the basis
of internal financial information about the components of the Group
that are regularly reviewed by the chief operating decision maker
("CODM") to allocate resources to the segments and to assess their
performance.
The chief operating decision maker has been identified as the
Board of Directors ("the Board"). The Board reviews the Group's
internal reporting in order to assess performance and allocate
resources. The Board has determined that the operating segments,
based on these reports are Agriculture, Specialist Agricultural
Merchanting and Other.
The Board considers the business from a product/service
perspective. In the Board's opinion, all of the Group's operations
are carried out in the same geographical segment, namely the United
Kingdom.
Agriculture - manufacturing and supply of animal feeds,
fertiliser, seeds and associated agricultural products.
Specialist Agricultural Merchanting - supplies of a wide range
of specialist products to farmers, smallholders, and pet
owners.
Other - miscellaneous operations not classified as Agriculture
or Specialist Agricultural Merchanting.
The Board assesses the performance of the operating segments
based on a measure of operating profit. Non-recurring costs and
finance income and costs are not included in the segment result
that is assessed by the Board. Other information provided to the
Board is measured in a manner consistent with that in the financial
statements. No segment is individually reliant on any one
customer.
The segment results for the year ended 31 October 2020 are as
follows:
Specialist
Agricultural
Year ended 31 October Agriculture Merchanting Other Total
2020 GBP000 GBP000 GBP000 GBP000
------------ -------------- -------- --------
Revenue from external
customers 302,580 128,807 11 431,398
------------ -------------- -------- --------
Segment result
Group operating profit
before non-recurring
items 2,411 5,728 (130) 8,009
Share of results of
joint ventures before
tax 471 53 14 538
2,882 5,781 (116) 8,547
------------ -------------- -------- --------
Non-recurring items (1,194)
Interest income 164
Interest expense (436)
--------
Profit before tax from
operations 7,081
Income taxes (includes
tax of joint ventures
and associates) (1,548)
--------
Profit for the year
attributable to equity
shareholders from operations 5,533
========
Segment net assets 44,867 37,623 7,272 89,762
Corporate net cash (note
11) 8,416
--------
Net assets after corporate
net cash 98,178
========
The segment results for the year ended 31 October 2019 are as
follows:
Specialist
Agriculture Agricultural Other Total
Merchanting
Year ended 31 October 2019 GBP000 GBP000 GBP000 GBP000
-------------- -------------- -------- --------
Revenue from external customers 358,687 131,843 72 490,602
-------------- -------------- -------- --------
Segment result
Group operating profit before
non-recurring items 2,417 5,240 21 7,678
Share of results of associate
and joint ventures before
tax 534 4 (75) 463
-------------- -------------- -------- --------
2,951 5,244 (54) 8,141
Non-recurring items (301)
Interest income 164
Interest expense (348)
--------
Profit before tax 7,656
Income taxes (includes tax
of associate and joint ventures) (1,524)
--------
Profit for the year attributable
to equity shareholders 6,132
========
Segment net assets 47,213 36,097 7,794 91,104
Corporate net debt (note
11) 3,844
--------
Net assets after corporate
net cash 94,948
========
3. FINANCE COSTS
2020 2019
GBP000 GBP000
Interest expense:
Interest payable on borrowings (141) (191)
Interest payable on finance leases (295) (157)
Interest and similar charges payable (436) (348)
------- -------
Interest income 164 164
Interest receivable 164 164
------- -------
Finance costs (272) (184)
======= =======
4. AMORTISATION OF ACQUIRED INTANGIBLE ASSETS, SHARE-BASED PAYMENTS AND NON-RECURRING ITEMS
2020 2019
GBP000 GBP000
------- -------
Amortisation of acquired intangible assets
and share-based payments
Amortisation of intangibles 36 28
Cost of share-based reward 96 49
132 77
------- -------
Non-recurring items
Business re-organisation costs 185 297
Business combination expenses - 4
Goodwill and Investment impairment 601 -
Huyton store closure costs 256 -
Decommissioning of Selby seed plant 152 -
------- -------
1,194 301
======= =======
Business re-organisation costs relate to the redundancy related
expenses of colleagues leaving the business as a result of
re-organising operations and was completed during the year.
The goodwill impairment relates to the GrainLink cash generating
unit.
Huyton depot store closure costs comprise redundancy costs and
costs associated with exiting the leased premises.
Decommissioning of Selby seed plant relates to the costs of
vacating a leased property and transferring the plant and machinery
to a new location.
5. GROUP OPERATING PROFIT
The following items have been included in arriving at operating
profit:
2020 2019
GBP000 GBP000
Staff costs 30,031 30,143
Cost of inventories recognised as an expense 315,785 347,239
Depreciation of property plant and equipment:
- owned assets 2,290 3,323
Amortisation of right-of-use assets (2019:
depreciation of assets held under finance
leases) 3,888 290
Amortisation of intangibles 36 28
(Profit) on disposal of fixed assets (142) (170)
Loss on disposal of right-of-use asset 25 -
Other operating lease rentals payable 244 3,221
Services provided by the Group's auditor
During the year the Group obtained the following services from
the Group's auditor:
2020 2019
GBP000 GBP000
Audit services - statutory audit 99 93
6. SHARE OF POST-TAX PROFITS OF JOINT VENTURES AND ASSOCIATES
2020 2019
GBP000 GBP000
------- -------
Share of post-tax profits in joint
ventures 438 360
------- -------
Total share of post-tax profits of
joint ventures and associates 438 360
======= =======
7. TAXATION
2020 2019
Analysis of tax charge in year GBP000 GBP000
------- -------
Current tax
- Operating activities 1,496 1,502
- Adjustments in respect of prior years (73) (50)
------- -------
Total current tax 1,423 1,452
------- -------
Deferred tax
- Accelerated capital allowances 165 (31)
- other temporary and deductible differences (140) -
------- -------
Total deferred tax 25 (31)
------- -------
Tax on profit on ordinary activities 1,448 1,421
======= =======
8. DIVIDS
2020 2019
GBP000 GBP000
------- -------
Final dividend paid for prior year 1,870 1,770
Interim dividend paid for current
year 921 913
2,791 2,683
======= =======
Subsequent to the year end it has been recommended that a final
dividend of 10.0p net per ordinary share (2019: 9.40p) be paid on
30 April 2021. Together with the interim dividend already paid on
31 October 2020 of 4.60p net per ordinary share (2019: 4.60p) this
will result in a total dividend for the financial year of 14.60p
net per ordinary share (2019: 14.00p).
9. EARNINGS PER SHARE
Basic earnings Diluted earnings
per share per share
2020 2019 2020 2019
-------- ------- --------- ---------
Earnings attributable to shareholders
(GBP000) 5,533 6,132 5,533 6,132
Weighted average number of shares
in issue during the year (number
'000) 19,952 19,812 20,070 19,812
Earnings per ordinary 25p share
(pence) 27.73 30.95 27.57 30.95
Basic earnings per 25p ordinary share is calculated by dividing
profit for the year from continuing operations attributable to
ordinary shareholders by the weighted average number of ordinary
shares in issue during the year.
For diluted earnings per share, the weighted average number of
ordinary shares is adjusted to assume conversion of all dilutive
potential ordinary shares (share options) taking into account their
exercise price in comparison with the actual average share price
during the year.
10. SHARE CAPITAL
2020 2019
----------------- ------------------
No. of GBP000 No. of GBP 000
shares shares
000 000
-------- ------- -------- --------
Authorised
Ordinary shares of 25p
each 40,000 10,000 40,000 10,000
-------- ------- -------- --------
Allotted, called up and
fully paid
Ordinary shares of 25p
each 20,051 5,013 19,896 4,974
======== ======= ======== ========
During the year 155,035 shares (2019: 124,212) were issued with
an aggregate nominal value of GBP38,759 (2019: GBP31,053) and were
fully paid up for equivalent cash of GBP392,135 (2019: GBP373,457)
to shareholders exercising their right to receive dividends under
the Company's Scrip dividend scheme.
No other shares were issued (2019: nil).
11. CASH AND CASH EQUIVALENTS, BORROWINGS AND LEASE
LIABILITIES
2020 2019
GBP000 GBP000
Current
Cash and cash equivalents per balance
sheet and cash flow 19,980 10,608
Bank loans and overdrafts due within
one year or on demand:
Secured loans (897) (1,457)
Loanstock (unsecured) (675) (683)
Net obligations under finance leases - (1,546)
Financial liabilities - borrowings (1,572) (3,686)
Non-property leases (1,473) -
Property leases (2,010) -
-------- ----------
Lease liabilities (3,483) -
Total current net cash and lease liabilities 14,925 6,922
Non-current
Bank loans:
Secured loans - (902)
Net obligations under finance leases - (2,176)
-------- ----------
Financial liabilities - borrowings - (3,078)
Non-property leases (2,228) -
Property leases (4,281) -
-------- ----------
Lease liabilities (6,509) -
Total non-current net debt and lease
liabilities (6,509) (3,078)
Total net cash and lease liabilities 8,416 3,844
-------- ----------
Memo: total net cash and lease liabilities
excluding property leases 14,707 3,844
======== ==========
All amounts are denominated in GBP and are at book and fair
value. The Loanstock is redeemable at par at the option of the
Company. Interest of 0.5% (2019: 1.5%) per annum is payable to the
holders.
-- Cash and cash equivalents
Cash and cash equivalents are all cash at bank and held with
HSBC Bank Plc, except for GBP311,000 (2019: GBP148,000) which is
held at INTL FC Stones for futures trading. HSBC Bank Plc's credit
rating per Moody's is A2 (2019: Aa3).
-- Bank borrowings
Bank loans and overdrafts are secured by an unlimited composite
guarantee of all of the trading entities within the Group. One
company within the Group had an overdraft of GBP253,000 (2019:
GBP230,000). The outstanding loan will be repaid within 1 year, the
rate of interest on this loan is 0.85% over base per annum.
12 . C ASH GENERATED FROM OPERATIONS
2020 2019
GBP000 GBP000
-------- ---------
Profits for the year from operations 5,533 6,132
Adjustments for:
Tax 1,448 1,421
Investment and goodwill impairment 601 -
Depreciation of tangible fixed assets 2,290 3,579
Amortisation of right-of-use assets 3,888 -
Amortisation of other intangible fixed
assets 36 28
Profit on disposal of property, plant
and equipment (142) (170)
Loss on disposal of right-of-use asset 25 -
Profit from distribution from associate - (84)
Interest income (164) (164)
Interest expense 436 348
Share of results of joint ventures
and associate (438) (360)
Share-based payments 96 49
Changes in working capital (excluding
effects of acquisitions and disposals
of subsidiaries):
Decrease/(increase) in short term loan
to joint ventures 524 (1,601)
Decrease in inventories 8,049 10,171
Decrease in trade and other receivables 8,055 7,426
(Decrease)in payables (9,865) (12,019)
Cash generated from operations 20,372 14,756
======== =========
13. IMPACT OF IFRS 16
The Group adopted IFRS 16 Leases with a transition date of 1
November 2019. The Group has chosen not to restate comparatives on
adoption of IFRS 16, and therefore, the revised requirements are
not reflected in the prior year financial statements. Rather, these
changes have been processed at the date of initial application
(i.e. 1 November 2019) and recognised in the opening equity
balances.
Effective 1 November 2019, IFRS 16 has replaced IAS 17 Leases
and IFRIC 4 Determining whether an Arrangement Contains a Lease.
IFRS 16 provides a single lessee accounting model, requiring the
recognition of assets and liabilities for all leases, together with
options to exclude leases where the lease term is 12 months or
less, or there the underlying asset is of low value. IFRS 16
substantially carried for the lessor account in IAS 17, with the
distinction between operating leases and finance leases being
retained. The Group does not have significant leasing activities
acting as a lessor.
Full details of the transition method and practical expedients
utilised will be contained within the 2020 Annual Report and
Accounts.
The following table presents the impact of adopting IFRS 16 on
the statement of financial position as at 1 November 2019.
As originally IFRS 16 1 November
presented adjustments 2019
at 31 October GBP000 GBP000
2019
GBP000
-------------------------- --- --------------- ------------- -----------
NON CURRENT ASSETS
Property, plant and
equipment a 23,225 (4,521) 18,704
Right-of-use assets b - 12,322 12,322
LIABILITIES
Borrowings c (3,686) 1,546 (2,140)
Lease Liabilities - (3,937) (3,937)
NON CURRENT LIABILITES
Borrowings c (3,078) 2,176 (902)
Lease Liabilities - (7,586) (7,586)
Equity
Retained Earnings d 56,261 - 56,261
-------------------------- --- --------------- ------------- -----------
a. Property, plant and equipment was adjusted to reclassify
leases previously classified as finance type to right-of-use
assets. The adjustment reduced the cost of property, plant and
equipment by GBP6.5m and accumulated amortisation by GBP2.0m for a
net adjustment of GBP4.5m.
b. The adjustment to Right-of-use assets is comprised of GBP4.5m
finance type leases and GBP7.8m operating type leases, resulting in
a total adjustment of GBP12.3m.
c. Loans and borrowings were adjusted to reclassify leases
previously classified as finance type leases to lease
liabilities.
d. Retained earnings were not impacted as a result of adopting IFRS 16
14. ALTERNATIVE PERFORMANCE MEASURE
Using the Board's preferred alternative performance measured
referred to as Underlying pre-tax profit, which includes the gross
share of results from joint ventures and associates but excludes
share-based payments and non-recurring items, the Group achieved
GBP8.37m (2019: GBP8.01m). A reconciliation with the reported
income statements and this measure, together with the reasons for
its use is given below:
2020 2019
GBP000 GBP000
------- -------
Profit before tax 6,981 7,553
Share of tax incurred by joint ventures
and associates 100 103
Share-based payments 96 49
Non-recurring items 1,194 301
------- -------
Underlying pre-tax profit 8,371 8,006
======= =======
The Board provides this alternative performance measure as it
believes it provides a view of the underlying commercial
performance of the current trading activities, providing investors
and other users of the accounts with an improved view of likely
future performance by making the following adjustments to the IFRS
results for the following reasons:
-- The add back of tax incurred by joint ventures and
associates. The Board believes the incorporation of
the gross result of these entities provides a fuller
understanding of their combined contribution to the
Group performance.
-- The add back of share-based payments. This charge
is a calculated using a standard valuation model,
with the assessed non-cash cost each year varying
depending on new scheme invitations and the number
of leavers from live schemes. These variables can
create a volatile non-cash charge to the income statement,
which is not directly connected to the trading performance
of the business.
-- Non-recurring items. The Group's accounting policies
include the separate identification of non-recurring
material items on the face of the income statement,
which the Board believes could cause a misinterpretation
of trading performance if not disclosed. See note
4.
15. RESPONSIBILTY STATEMENT
The Directors below confirm to the best of their knowledge:
-- the financial statements, prepared in accordance with
the applicable set of accounting standards, give a
true and fair view of the assets, liabilities, financial
position and profit or loss of the Company and the
undertakings included in the consolidation taken as
a whole; and
-- the management report includes a fair review of the
development and performance of the business and the
position of the issuer and the undertakings included
in the consolidation taken as a whole, together with
a description of the principal risks and uncertainties
that they face.
J J McCarthy
P M Kirkham
B P Roberts
G W Davies
D A T Evans (resigned 1 December 2020)
H J Richards
S J Ellwood
16. CONTENT OF THIS REPORT
The financial information set out above does not constitute the
Group's statutory accounts for the years ended 31 October 2020 or
31 October 2019 but is derived from those accounts.
Statutory accounts for 2019 have been delivered to the Registrar
of Companies. The auditor, BDO LLP, has reported on the 2019
accounts; the report (i) was unqualified, (ii) did not include a
reference to any matters to which the auditor drew attention by way
of emphasis without qualifying their report, and (iii) did not
contain a statement under section 498(2) or (3) of the Companies
Act 2006.
The statutory accounts for 2020 will be delivered to the
Registrar of Companies following the Annual General Meeting. The
auditor, BDO LLP, has reported on these accounts; their report is
unqualified, does not include a reference to any matters to which
the auditor drew attention by way of emphasis without qualifying
their report, and; does not include a statement under either
section 498(2) or (3) of the Companies Act 2006.
The Annual Report and full Financial Statements will be
available to shareholders prior to the AGM. Further copies will be
available to the public, free of charge, from the Company's
Registered Office at Eagle House, Llansantffraid, Powys, SY22 6AQ
or on the Company's website www.wynnstayplc.co.uk .
17. ANNUAL GENERAL MEETING
The Annual General Meeting of the Company will be held virtually
from the Wynnstay Group plc registered office at Eagle House,
Llansantffraid, Powys on Tuesday 23 March 2021 at 11.45am. Further
details will be published on the Company's website
www.wynnstayplc.co.uk .
(1) Adjusted operating profit is after adding back amortisation
of acquired intangible assets, share-based payment expense and
non-recurring items
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END
FR UNORRASUAUUR
(END) Dow Jones Newswires
January 27, 2021 02:00 ET (07:00 GMT)
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