Wynnstay Group (AIM:WYN), the integrated agricultural supplies and services business, lifted adjusted profit before taxation by 11.7% to £6m in the six months to 30 April, against £5.4m in the same period a year earlier and up 59% on the £3.8m reported in the first half of 2024.
Revenue was broadly flat at £304.1m, compared with £304.9m in the prior-year period, as 12% growth in fertiliser volumes and higher pricing offset lower feed volumes, reduced retail sales and the closure of sites under the group's ongoing restructuring programme, Project Genesis.
Adjusted operating profit rose 9.7% to £5.8m, while gross profit edged up to £42.3m from £42m, with the company absorbing continued inflationary pressure across labour, logistics and energy.
The Feed and Grain division was the standout performer, with adjusted pre-tax profit more than doubling to £2.2m from £0.9m, supported by the unified GrainLink trading platform and the removal of loss-making operations from the cost base.
Fertiliser profit rose to £1.9m from £1.4m, aided by record spring season throughput at the Avonmouth blending facility.
Net cash, excluding IFRS 16 lease liabilities, increased to £10.9m from £10.3m a year earlier, despite higher capital expenditure and elevated commodity prices.
"Trading in the second half has continued in line with our expectations and we remain confident of delivering full-year results in line with market expectations, representing a further improvement on FY25," said Chief Executive Alk Brand.
