The Wynnstay Group Board is to declare an increased interim dividend of 5.50p per share (2021: 5.40p), up by 1.8% year-on-year. Dividend cover remains prudent at over two times earnings.
The interim dividend will be paid on 31 October 2023 to shareholders on the register at the close of business on 29 September 2023. As in previous years, the Scrip Dividend alternative will continue to be available, with the last day for election for this scheme being 14 October 2023.
Other financial highlights include
Good overall result in softer trading conditions; underlying performance in line with management expectations
Revenue up 22% to £409.14m (2022: £335.66m)
o commodity price inflation accounted for estimated £48m of the rise
o full period contributions from Humphrey and Tamar acquisitions
Adjusted operating profit was £5.78m, (2022: £10.43m, including one-off fertiliser gains)
o H1 2022 results benefitted from the significant one-off fertiliser stock price gains. In this reporting period, the fertiliser blending activities at Glasson contended with a reversal of the abnormal spike in fertiliser raw material prices, which created one-off adverse stock realisations
Underlying pre-tax profit (including an estimated £1.5m of one-off adverse Glasson fertiliser stock realisations) of £5.25m (2022: £10.21m) / Reported pre-tax profit of £5.07m (2022: £9.56m, including one-off fertiliser gains)
Basic earnings per share were 17.20p (2022: 36.99p)
Net debt (pre IFRS 16) of £10.68m (30 April 2022: £7.62m); reflected acquisition funding and high working capital requirements, which typically peak around April and reduce in H2
Net assets up 18% to £131.97m/£5.90 per share (30 April 2022: £111.68m/£5.50 per share)
