Wynnstay Group have proposed final dividend of 11.75p

DividendMax Ltd.

Wynnstay Group have proposed final dividend of 11.75p

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)

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