The Board is to propose an increased final dividend of 11.75p per share (2022: 11.60p). This together the interim dividend of 5.50p per share, paid on 31 October 2023, takes the total dividend for the year of 17.25p (2022: 17.00p), a 1.5% rise on the previous financial year. Subject to shareholder approval, the final dividend will be paid on 30 April 2024 to shareholders on the register as at 2 April 2024.
This is the 20th consecutive year of dividend growth change since 2004, when Wynnstay joined AIM. It is covered 1.8 times by profit after tax (2022: 4.1 times) and continues the Board's progressive dividend policy.
Other financial highlights include:
- Much softer trading conditions compared to FY22
- Farmer sentiment lower, farmgate prices down in important categories of dairy and arable, and the significant one-off gains of FY22 were not repeated (as expected)
- Revenue up 3% to £735.9m (2022: £713.0m)
- Full year contributions from two acquisitions and record grain trading volumes, partly offset by the normalisation of fertiliser prices from the unsustainable, historic highs of 2022
- Adjusted operating profit was £9.30m, including adverse stock realisations as fertiliser raw material prices normalised (2022: £22.4m, including significant one-off fertiliser stock gains)
- Underlying pre-tax profit of £9.2m, including nominal, non-cash accounting loss of £0.8m (2022: £22.6m, including significant one-off gains) Reported pre-tax profit of £8.7m (2022: £21.1m)
- Basic earnings per share of 30.75p (2022: 82.72p)
- Net cash (excluding property leases) rose to £19.0m (2022: £18.2m)
- Net assets increased to £135.2m (2022: £130.7m)
