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Wynnstay Group+ (WYN, House Stock, 390p) - Resilient HY - FY24F unchanged
Wynnstay Group plc
26th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor. The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. 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As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU ("MIFID II Directive"); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority's Conduct of Business Sourcebook). This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook. Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world. Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP. Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX. * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs research@hybridan.com Banquet Buffet*** Aquis Exchange 360p £99.1m (AQX.L) The pan-European equities trading division of Aquis Exchange PLC, has today launched conditional order functionality on the Aquis UK and Aquis EU platforms. Conditional orders allow members to post the same liquidity on multiple venues simultaneously without the risk of over-trading. The addition of conditional orders to our UK and EU platforms is an important extension to AMP (the Aquis dark pool). The exchange now offers a full suite of key trading mechanisms – allowing our customers access to liquidity in a broad range of trading scenarios. Aura Energy 12.75p £83.0m (AURA.L) The company engaged in exploration and evaluation of uranium projects in Europe and Africa, provides an update in relation to the Häggån Project. The Swedish Government have announced on Friday the 23rd of February 2024 the launch of an inquiry to overturn the existing ban on mining uranium, which has been in place since 2018. The conclusions of the inquiry will be presented on the 15th of May 2024. The Häggån asset, located in the municipality of Berg in the county of Jämtland, contains Mineral Resources of approximately 800 million lbs of U3O8. Aura intends to file for processing concession for Häggån K1 during 2024 with the Swedish Mining Inspectorate. A Swedish processing concession (exploitation permit) is valid for 25 years. Directa Plus 19.35p £12.7m (DCTA.L) The producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets, has signed a conditional share sale purchase agreement with GVC Investment Company Ltd to acquire a further 48.96% stake in Setcar S.A. (Setcar), the Group's environmental services subsidiary. Completion of the acquisition is conditional on, inter alia, the payment of total consideration of EUR1.5m and the passing of certain resolutions by the shareholders of Setcar at a shareholder meeting expected to be held in April 2024. For the year ended 31 December 2023, Setcar reported IFRS non audited revenues of EUR7.66m, EBITDA of EUR0.35m and net assets of EUR2.7m. EnSilica 60.5p £49.6m (ENSI.L) The chip maker of mixed-signal ASICs (Application Specific Integrated Circuits), announces its unaudited results for the six months ended 30 November 2023 (H1 FY24). Revenue was up 11.5% to £9.6m (H1 FY23: £8.6m). Adjusted operating profit was £0.06m (H1 FY23: £0.15m). Cash and cash equivalents at 30 November 2023 was £2.1m (31 May 2023: £3.1m). New supply contract work resulted in further investment in IP of £3.02m (H1 FY23: £1.7m). Encouraged by the improving broader trading environment, management is looking ahead to the remainder of H2 FY24 and beyond with confidence. i3 Energy 9.185p £110.4m (I3E.L) The independent oil and gas company with assets and operations in the UK and Canada, announces the following operational and financial update. The 2023 annual average production was 20,711 barrels of oil equivalent per day (boepd), at the high end of the guidance range of 20,000 - 21,000 boepd. The full-year 2023 net operating income (NOI) (unaudited) is approximated US$93m, in line with guidance, with year-end 2023 net debt expected to be approximately US$23m. Given the continued weakness in commodity price forecasts in 2024, in particular for North American gas, i3 Energy’s business strategy remains flexible between high rate of return organic drilling and inorganic growth opportunities. Invinity Energy 29p £55.4m (IES.L) The global manufacturer of utility-grade energy storage, announces that it has entered into an agreement with its Taiwanese strategic partner, Everdura, to undertake domestic manufacturing of its next-generation vanadium flow battery (VFB) product, code-named "Mistral", to serve the Taiwanese and other markets. The agreement targets more than 255 MWh of product sales over a three-year period. Everdura will pay Invinity a royalty fee based on a material percentage of the sale price of any Mistral products sold. Everdura will also purchase cell stacks directly from Invinity’s manufacturing facilities in the UK and Canada. Jersey Oil and Gas 177.5p £58.0m (JOG.L) The independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, announces that, further to the press release issued on 23 November 2023, the Company has completed its farm-out of a 30% interest in the Greater Buchan Area (GBA) licences to Serica Energy (UK) Limited (Serica Energy) and received the associated milestone cash payment of $6.8m. In aggregate the GBA farm-out transactions provide JOG with up to $38m in cash payments ($18m of which has now been received) and a full carry on both pre-sanction costs and capital expenditure in the approved Buchan Field Development Plan. Lexington Gold 4.15p £15.5m (LEX.L) The gold exploration and development company with projects in South Africa and the USA, provides a further update on its 2023/24 drilling programme at the Bothaville Project located in the Witwatersrand Gold Basin, South Africa, which commenced in early December 2023. Both drill holes and their deflections successfully intersected the targeted Kimberley Formation, including the A-Reef. The ongoing programme is seeking to investigate both the downdip-channel and cross-channel gold mineralisation potential at an estimated depth of approximately 250m to 450m below the surface. Made Tech Group 8.65p £12.9m (MTEC.L) The provider of digital, data, and technology services to the UK public sector, announces its unaudited results for the six months ended 30 November 2023 (H1 FY24). Revenue was £19.1m, down 7% year-on-year. Adjusted EBITDA increased 180% to £1.4m (H1 FY23: £0.5m) driven by a higher EBITDA margin of 7.3% (H1 FY23: 2.5%). Net cash was £7.9m (H1 FY23:£9.0m). The Group remains on track to meet FY24 profit expectations. Healthy Contracted Backlog underpins revenue expectations for FY24 and into FY25. The Board anticipates further profit improvement in FY25 as a result of ongoing productivity and cost control initiatives. Wynnstay Group 380p £87.2m (WYN.L) The agricultural supplies and specialist merchanting group, announces that Gareth Davies, CEO, has requested a leave of absence from the Company to focus on a serious family matter. This request has been granted and his period of leave starts with immediate effect. At the same time, Steve Ellwood, Chairman, will step up to the role of Executive Chairman, effective today, and Rob Thomas, Group Finance Director, will be taking on additional responsibilities, supported by the senior management team.
WYN LEX JOG I3E ENSI DCTA AEE
Initial Equity Trading Comments - 26 February 2024
WYN IPF QED BEG
Wynnstay Group+ (WYN, House Stock, 385p) - CEO to take leave of absence
Wynnstay Group+ (WYN, House Stock, 325p) - FY23A a perfect storm - FY24F recovery
Wynnstay Group plc Next plc
Wynnstay Group+ (WYN, House Stock at 405p) - Effective Group Finance Director succession
Initial Equity Trading Comments - 25 July 2023
WYN ERGO PEBB BVC DEST JTC PAG CPG GNC
Wynnstay Group+ (WYN, House Stock at 473p) - Breakthrough product for livestock farmers?
Wynnstay (WYN) reported H123 results (to 30 April) on Monday. Underlying performance was in line with expectations, although the results were adversely affected by the sharp fall in fertiliser raw material prices in February. This reduced the profit contribution from the Agriculture Division by an estimated £1.5m and we make a corresponding cut to our FY23E group profit forecast. Our FY24E profit forecasts are broadly unchanged. Our FY25E forecasts are new. Agriculture division revenue was up by 27% but operating profit fell from £6.1m to £2.1m, due to one-off gains from high fertiliser prices last year, the one-off losses noted above, and cost inflation. Moreover, fertiliser volumes fell due to high prices, grass seed sales declined, and feed volumes fell 7% LFL (in line with the market) due to Avian flu and lower milk prices. More positively, grain marketing performed “well ahead” of expectations, with 27% more grain traded. Agricultural Merchanting revenue grew 4% due to inflation, but profit fell 19%, largely due to lower volumes of bagged feed (-10%) and hardware (-13%). Net debt (excluding leases) increased from £18.2m of net cash at the FY22 year-end to £10.7m of net debt in H123, with working capital typically peaking around the period end. We forecast net cash of £12m at the FY23 year-end, enough to fund both organic investment and further acquisitions. WYN’s prospects depend on the financial health of farmers, which currently varies by sector. Milk and grain prices are weak, but beef prices are at record levels and free-range egg production is recovering from Avian influenza. Farm margins will benefit from falling feed and fertiliser costs, although labour costs continue to rise. The 2023 harvest looks promising, which augurs well for WYN’s grain trading volumes. WYN sees the overall H2 outlook as “encouraging”, helped by its diversified business model.
3rd July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor. The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. 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As market commentary this document does not constitute any of (i) investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments for the purposes of the UK retained version of section B of annex I to Directive 2014/65/EU ("MIFID II Directive"); or (ii) investment research as defined in the UK retained version of article 36(1) of Commission Delegated Regulation 2017/565/EU made pursuant to the MIFID II Directive; or (iii) non-independent research (as such term is defined in the Financial Conduct Authority's Conduct of Business Sourcebook). This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook. Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world. Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP. Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX. *A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Metals One Plc, a company focusing on acquiring natural resources projects with a focus on critical battery metals, including nickel, lithium, cobalt and copper intends to join the AIM Market. The Company will have interests in the Paltamo and Rautavaara projects (nickel, copper, zinc) in Finland (together the Black Schist Project) and the Brownfield Råna Nickel project in Norway (Brownfield Rana Project). These projects represent opportunities to develop deposits of scale, in stable jurisdictions, well situated to supply fastest growing European electric vehicle and energy storage markets. The Company aims to raise £2.5m at 5 pence per share with an anticipated market cap of £10.77m. Expected Admission date is 17 July 2023. Ora Technology plc, a software company developing a digital carbon trading platform, offering users the ability to buy, sell and retire verified carbon credits in the voluntary carbon market, intends to join the AQSE Growth Market. Ora’s platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices, and an emphasis towards providing a simple and intuitive user experience. Praetura Growth VCT plc, a newly established VCT announces its intention to float on the Main Market of the London Stock Exchange. The Company will provide growth funding to scalable businesses predominantly based in the North of England, across a range of sectors including technology and healthcare. The Company will be managed by Praetura Ventures Limited, a venture capital and EIS business associated with the wider Praetura Group, a Manchester based venture capital investor and small business lender. The Company is targeting to raise £10m at 1 pence per share, via an offer for subscription. The Directors will have the option to utilise an over-allotment facility that will allow the Company to issue a further 10m Ordinary Shares under the Offer. CAB Payments Holdings Limited a market lender to business to business (B2B) cross-border payments and foreign exchange, specialising in emerging markets intends to join the Premium Segment of the Main Market. The Group announced revenues of £41.3m for the three months ended 31 March 2023 with the YTD adjusted EBITDA margin at 64%. The Offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) CAB Payments has set an offer price of 335p per share, which will give it a debut market cap of £851.4m. Admission currently expected to occur in July 2023. Our daily digest of news from UK listed Small and Mid caps Banquet Buffet*** Blancco Technology Group 166p £125.7m (BLTG.L) The Company focusing on data erasure and mobile lifecycle solutions announces the following trading update for the year ended 30 June 2023 (FY2023). FY2023 revenue is now expected to be above market expectations and, due to the positive impact of operational gearing, operating profit is also expected to be higher than current forecasts. Growth has been broad-based across all the Group's geographies with Enterprise and ITAD stronger than anticipated, with Enterprise growth driven by the ongoing successful implementation of the Group's channel strategy. BrandShield 7.5p £12.8m (BRSD.L) A provider of cybersecurity solutions for brand oriented digital risk protection (DRP) announces its final results for the year ended 31 December 2022 (FY 2022). Revenues increased 55% to $6.39m (FY 2021: $4.13m), as a result of the ARR which increased 61% to $8.42m (FY 2021: $5.22m). The Company holds cash of $2.6m (FY2021: $1.19m). The Company signed 53 new customers in 2022 (53 clients in 2021) and has expanded its presence in the financial, healthcare, consumer products and media spaces. The Company is well-placed to meet its future growth objectives. Eagle Eye Solutions Group 555p £162.4m (EYE.L) A SaaS technology company, powering real-time, omnichannel and personalised consumer marketing activities has secured a five-year contract with Morrisons Supermarket Ltd, to further develop its loyalty and promotional offering. Eagle Eye's AIR platform will enhance Morrisons loyalty programme, which allows customers to benefit from exclusive prices and earning points. The Scheme will be rolled out to all 499 stores nationwide and expected to go live later in 2023. Eden Research 9.95p £37.9m (EDEN.L) The Company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries announces that it has applied for the authorisation of Ecovelex™ in the United Kingdom, following the recent application for authorisation in the European Union. Ecovelex is intended to replace conventional chemicals banned in the EU and UK and has been developed to tackle crop destruction caused by birds, a major cause of losses in maize and other crops. It is anticipated that review and eventual authorisation in the UK can take between 18 and 24 months. ITM Power 71.39p £439.9m (ITM.L) The manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water announced that it is partnering with Mott Corporation to further advance porous transport layers (PTL), which are a key component of proton exchange membrane (PEM) electrolysis. ITM will work alongside Mott's engineering teams to design and verify component customisation in support of ITM's ongoing technology roadmap. Kibo Energy* 0.058p £2.2m (KIBO.L) The renewable energy focused development company provides an operational update as it enters the second half of 2023. The Company’s MAST Energy , where Kibo has a 57.86% equity stake saw its Pyebridge Project’s CM T-1 contract scheduled to begin on 1 October 2023 and its Bordesley project in construction and scheduled to be commissioned by Q4 2023. The Company’s CHP Project based in South Africa, with production of synthetic oil, announces that Laboratory tests have been received and confirmed oil quality standards of the offtake. The integration study is being undertaken to align test results with feedstock characteristics. The Company’s Mbeya Power Project in Tanzania announces that TANESCO’s due diligence on Kibo as part for the MOU programme is currently underway. The Company’s stake in National Broadband Solutions (SA) and its UK Portfolio projects status’ remain unchanged from its last update. MTI Wireless Edge 45.5p £40.2m (MWE.L) The technology group focused on comprehensive communication and radio frequency solutions across multiple sectors announces that it has secured a repeat order from a European customer, worth US$1.4m, for the manufacturing of military antennas. The principal part of the contract relates to manufacturing of an existing product line, with the balance relating to upgrades to the antenna solution. The contract is expected to be delivered within 14 months. Novacyt SA 47.6p £32.3m (NCYT.L) An international diagnostics business delivering a broad portfolio of in vitro and molecular diagnostic tests for a wide range of infectious diseases, enabling faster, more accurate, accessible testing to improve healthcare outcomes announces a recommended cash offer to be made by Novacyt UK, a wholly-owned subsidiary of Novacyt, for the entire issued and to be issued share capital of Yourgene (Acquisition). The Acquisition values the issued share capital of Yourgene at approximately £16.7m and represents a 168% premium to the closing price of 0.195 pence per Yourgene Share on 30 June 2023. The Acquisition is currently expected to complete during Q3 2023. Verici Dx 13.5p £23.0m (VRCI.L) A developer of advanced clinical diagnostics for organ transplant announces successful validation results from its prospective, blinded, international multi-centre clinical validation study for Clarava. Clarava, is the first pre-transplant prognostic test to enable measurement of a patient's immune response to assess the risk of early kidney graft rejection. Clarava received a preliminary Medicare gapfill median rate of $2,650 for Clarava from the Centers for Medicare & Medicaid Services. Wynnstay Group 455p £102.6m (WYN.L) The suppliers of a wide range of agricultural inputs to both livestock and arable farmers announces its interim results for the six months ended 30 April 2023. Revenue was up 22% to £409.14m (2022: £335.66m) whilst adjusted operating profit was £5.78m (2022: £10.43m), a reduction of 45% due to a to spike in fertiliser raw material prices. The net debt of £10.68m (2022: £7.62m) reflected acquisition funding and high working capital requirements. The Board expects the Group to achieve its underlying growth objectives for the financial year although pressures remain. If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Chef: Emily Liu 0203 764 2344 emily.liu@hybridan.com Chef: Sacha Morris 0203 764 2345 sacha.morris@hybridan.com
WYN VRCI NCYT MWE KIBO ITM EDEN EYE BRSD BLTG
Initial Equity Trading Comments - 3 July 2023
WYN XPS TSCO TBLD DUKE AZN AGR BRSD MWE EYE
Wynnstay Group+ (WYN, House Stock, 473p) - Underlying on track; adverse stock impact
Wynnstay Group+ (WYN, House Stock at 488p) - Grain & seeds capabilities first hand
Wynnstay Group+ (WYN) - House Stock, 458p - Shifnal Cereals event
Wynnstay Group+ (WYN, House Stock, 458p) - Senior NED appointment
Wynnstay (WYN) delivered exceptional results in FY22 (to 31 October), with group revenue +42% and underlying PBT +98%. PBT benefitted materially from one-offs, which WYN estimates boosted profits by c.£9.5m. However, PBT would still have grown by c.15% without these factors. Growth was primarily driven by the Agriculture division, with revenue +57% and profit +247%. Revenue growth was largely due to increases in the prices of feed (due to high grain prices) and fertiliser (due to high natural gas prices). The one-off factors benefitting profits were a series of spikes in the fertiliser price, which led to windfall profits, and a £0.5m non-cash benefit (since reversed) from marking a derivative contract to market. The Specialist Agricultural Merchanting Division grew more moderately (revenue +5%, profits +11%), although the profit contribution was still well ahead of management expectations, as was the performance of the JVs. The Humphrey acquisition (for an expected final consideration of £12.1m in March 2022) is performing in line with expectations. This was followed by the acquisition of Tamar Milling (for an initial £1.5m) after the period end, in November 2022. WYN is also investing in its existing business, completing a project at its seed processing facility at Astley and starting a £6m investment programme at its feed plant in Carmarthen. WYN has been clear that FY22’s performance was exceptional and is not expected to recur in FY23. We forecast a 6% decline in revenue in FY23E, as agricultural prices fall from FY22’s elevated levels. We forecast £12.2m of operating profit, well down on FY22’s £22m but still up on FY21’s £10.6m. We also factor in higher assumptions for FY23/FY24E for the interest charge (due to rising rates), the tax rate, and the number of shares in issue.
Wynnstay Group (‘Wynnstay’), the agricultural and merchanting specialist, has today (1 February 2023) issued record FY results, ahead of the Board’s and our expectations for the sixth time during FY22A. Overall, the results reflect a strong trading performance across all divisions, noting the substantial one-off gains in its fertiliser operations given the volatility in natural gas prices and constricted supply. Despite the macroeconomic uncertainty/inflationary pressures, Wynnstay remains structurally well-positioned. Conservatively, we leave our FY23F estimates unchanged. HOUSE STOCK.
Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Long Term Assets Limited (LTA), a Guernsey investment company, intends to join the Specialist Fund Segment of the Main Market of the London Stock Exchange. The initial portfolio is made up of a diversified range of assets, recently valued in the region of £160m, comprising a complete selection of the Disruptive Capital’s family office private asset portfolio. LTA aspires to be a “best-in-class” private assets vehicle, targeting 0.55% per annum management fee and typically a 7 to 8% p.a. hurdle rate of return. Date and amount to be raised TBD. One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One Health is a cash generative and profitable company, with an adjusted EBITDA for the year ended 31 March 2022 of £1.2m, on revenue of £17.5m. Due 24 November 2022. Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company's initial public offering on AIM, the board has determined to apply for the Company's existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company's admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022. World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022. Our daily digest of news from UK listed Small and Mid caps Banquet Buffet*** Agronomics Limited 14.5p £141.8m (ANIC.L) The listed company in cellular agriculture, announces that its portfolio company, UPSIDE Foods, Inc. has received a 'No Questions' letter from the US regulatory body the US Food and Drug Administration (FDA), accepting their conclusion that their cultivated chicken is safe to eat. This represents the first company to achieve a greenlight from the FDA in the US, and a validation of the sector shifting from research and development, towards commercialisation. Agronomics expects this to be the first of many FDA approvals for the sale of cultivated meat in the US. Crimson Tide 2.45p £16.1m (TIDE.L) The provider of the mpro5 smart app solution, announces a significant new and highly improved 3-year contract with an existing retail client for over £1m of high-margin revenue per annum, more than double the annual recurring revenue under the previous contract. mpro5 guides and records store-wide procedures and provides evidence for policies that support a wide range of compliance requirements. It is a full-service solution that also contributes to the client's staff and working practice efficiency and is used daily across its national estate. ECR Minerals 1.2p £12.8m (ECR.L) The exploration and development company in Australia, announce gold results from the first drillhole for 2022 (BBMDD004) completed at Blue Moon. Results from the first diamond drillhole for 2022 are encouraging with 0.5m @ 7.29 g/t Au from 96.9m. Drilling continues with 3 out of a planned 4-hole program completed to date with samples awaiting results pending. ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated and drilled by ECR’s Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (MGA). Harland & Wolff Group 25.25p £43.5m (HARL.L) The company focused on strategic infrastructure projects and physical asset lifecycle management, releases further details following yesterday's announcement by the Secretary of State, The Rt Hon Ben Wallace MP, at the Appledore Shipyard of Team Resolute's appointment as Preferred Bidder on the Fleet Solid Support contract. The Ministry of Defence has selected Team Resolute, comprising Harland & Wolff, Navantia UK and BMT, as Preferred Bidder to build support ships for the Royal Navy with a £1.6bn contract (before inflation). Build work will also take place at Navantia's shipyard in Cadiz, Spain. This will provide Harland & Wolff with the ability and knowledge to facilitate a substantial up-skilling amongst its current and future workforce. Mosman Oil & Gas 0.065p £4.1m (MSMN.L) The oil exploration, development and production company, provides an update on the Cinnabar-1 well in Tyler County, Texas. The Cinnabar well was drilled in October 2022 and is now in the process of being completed and placed on production. All the required production equipment, including tubing, has been procured and is now on site. The preferred service rig has been contracted and will be mobilised to Cinnabar once other work has been completed. As a result, the revised schedule for the next phase of site operations is now early in December, with initial production flow rates anticipated to be announce in mid-December. Neometals 61.5p £343.3m (NMT.L) The emerging sustainable battery materials producer announces the completion of an Association for the Advancement of Cost Engineering Class 4 +/- 25% PFS for the production of ilmenite and an iron-vanadium concentrate from its 100% owned Barrambie Titanium Project. Following recent successful smelting trial results, the PFS has delivered compelling financial metrics and these recent confirmatory milestones will support final offtake dialogues which are underway. PetroTal Corp 45p £410.2m (PTAL.L) The oil and gas development and production company announces its financial and operating results for the three months ended September 30, 2022. Crude oil revenues were US$84m ($75.07/bbl) compared to Q2 2022 of $118.4m ($89.04/bbl). Net operating income and EBITDA were $62.3m ($55.60/bbl) and $57.6m ($51.42/bbl), respectively, compared to $98.6m ($74.12/bbl) and $93.4m ($70.26/bbl), respectively, in Q2 2022. The Company is on track to deliver average production growth of approximately 40% and almost $200m in free cash flow in 2022. Poolbeg Pharma* 9.35p £46.8m (POLB.L) The clinical stage infectious disease pharmaceutical company with a unique capital light clinical model, announces that it will be holding a Capital Markets Day on Wednesday 30 November from 10am. The event, to be chaired by Jeremy Skillington, Chief Executive Officer, will provide insights into the Company's growing pipeline of infectious disease vaccines and treatments and one of its innovative artificial intelligence programmes which is unlocking the power of human challenge trial data. In addition, attendees will gain a greater understanding of how Poolbeg's unique model and business development strategy can drive growth from the infectious disease market. Water Intelligence 690p £148.5m (WATR.L) The multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, provides a trading update for the nine months ended 30 September 2022. Sales during the first nine months in 2022 reached $54.9m, versus $54.5m for the full year in 2021. EBITDA increased by 13% year-on-year to $9.7m. The Group is on track to be at the upper end of analyst expectations for revenue and to be in line with expectations with respect to profits for full year 2022. Wynnstay Group 615p £137.4m (WYN.L) The agricultural supplies group announces that it has acquired the entire share capital of Tamar Milling Limited, a manufacturer of blended feed products, for an initial consideration of £1.4m, with a deferred earn-out consideration of up to £0.1m. The acquisition is expected to be immediately earnings enhancing. In the year ended 30 September 2021, Tamar generated revenues of £6.40m, and a profit before tax of £0.42m. Net assets at 30 September 2021 were £0.92m.
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Having recently closed FY22, Wynnstay this week issued a trading update. It has upgraded expectations on several occasions through the period, most recently in September, but again flags it expects to exceed market forecasts. In its core arable activities (seed, grain trading, fertiliser) it has seen strong trading through to the period end. High farmgate prices for arable crops has encouraged farmers to continue to spend, boosting seed and fertiliser sales. For grain trading, farmers have been keen to trade to capture good prices. The group also flags that its JV activities, Bibby Agriculture (feed) and Wyro Developments (property), have exceeded initial expectations. The benefit to profits from the aforementioned two aspects is expected to be c.£1.9m. In addition to the extra cash profits, there is also a non-cash profit of £0.5m falling in FY22. In its grain trading activities, Wynnstay uses derivatives to hedge forward physical contracts. At the very end of the FY, there was a spike in UK grain prices caused by Russia announcing its withdrawal from the Ukraine grain export agreement (on 29th October). Open derivative contracts at the year-end are valued by reference to the market price so this spike generated a non-cash profit. Grain prices fell the following week as Russia reversed its decision, so the gain was quickly eradicated, but this movement falls into FY23. We treat these movements as exceptional, and in FY22 the gain offsets a prior exceptional charge of a similar amount. Taking this news into account, we lift normalised FY22E PBT by £1.9m to £21.5m. However, taking into consideration the inflationary pressures and uncertain macroeconomic background, the group guides to unchanged expectations for FY23. Profits, absent the sizeable stock profits seen in fertiliser in FY22, are expected to return to lower double digit £ms.
Dish of the day Joiners: Looking Glass Labs (NFTX) joins the Access Segment of the AQSE Growth Market. The company is engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams. Looking Glass Labs is currently listed on the NEO Exchange (Canada). Market Cap £18.8m. EDX Medical Group joins the Access Segment of AQSE Growth Market. (Formerly TECC Capital plc) EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validation and sourcing of Lateral Flow Tests on a commercial scale. £1.2m raised. Market Cap £11.9m. Leavers: Countryside Partnership has left the Premium Segment of the Main Market. Fundsmith Emerging Equities Trust has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Long Term Assets Limited (LTA), a Guernsey investment company, intends to join the Specialist Fund Segment of the Main Market of the London Stock Exchange. The initial portfolio is made up of a diversified range of assets, recently valued in the region of £160m, comprising a complete selection of the Disruptive Capital’s family office private asset portfolio. LTA aspires to be a “best-in-class” private assets vehicle, targeting 0.55% per annum management fee and typically a 7 to 8% p.a. hurdle rate of return. Date and amount to be raised TBD. One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One Health is a cash generative and profitable company, with an adjusted EBITDA for the year ended 31 March 2022 of £1.2m, on revenue of £17.5m. Due 24 November 2022. Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company's initial public offering on AIM, the board has determined to apply for the Company's existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company's admission to trading on AIM will be cancelled with effect from Admission. Anticipated early December 2022. BWP REIT, a newly formed single asset company, announces its intention to raise £35m at the issue price of £1 per share, to acquire Bridgewater Place, an office-led mixed use property situated in central Leeds and valued at £63m. BWP REIT will apply for listing on the Wholesale Segment of the International Property Securities Exchange (IPSX). Due 16 November 2022. World Chess plc, a leading chess organisation, intends to join the Main Market. World Chess Plc is the holding company of a group which aims to promote the mass market appeal of chess globally through the commercial offering of chess related activities. Euro 8m to be raised. Expected November 2022. Banquet Buffet*** Aeorema Communications 81p £7.5m (AEO.L) The strategic communications group announces its audited results for the year ended 30 June 2022. Record revenues were reported, up 140% to £12.2m (2021:£5.09m). Profit before tax was £843,564 (2021: loss of £159,698). Cash balance was £1.7m. Dividend policy has been reinstated with proposed final dividend payment of 2p per share. During the period, an office in Amsterdam was opened to support global growth. The Company reported a number of significant award wins during and post period, including Global Agency of the Year at the C&IT Awards. Arkle Resources 0.53p £1.8m (ARK.L) The Irish gold and zinc resources discovery company, announces that it has raised £200k (before expenses) through a placing of 50m new ordinary shares at a price of 0.4p per share. Each placing share has one warrant attached with the right to subscribe for one new ordinary share at 0.5p for a period of two years. The net proceds will be used for the anticipated drilling programme for zinc in Limerick at the Stonepark Joint Venture as well as for general corporate activities. Midatech Pharma 6.25p £6.2m (MTPH.L) The R&D biotech company focused on improving the bio-delivery and biodistribution of medicines, announces the enrolment of the first patient into its Phase 1 study of MTX110 in recurrent glioblastoma (rGB) (NCT 05324501) at the Preston Robert Tisch Brain Tumor Center at Duke University, USA. The Phase I study is an open-label, dose escalation study designed to assess the feasibility and safety of intermittent infusions of MTX110 administered by convection enhanced delivery (CED) via implanted refillable pump and catheter. Midatech has previously reported encouraging results from a Phase I study of MTX110 in diffuse intrinsic pontine glioma (DIPG) conducted by University of California, San Francisco with an additional Phase I study of MTX110 in DIPG conducted by Columbia University expected to report shortly. In addition, a Phase I study of MTX110 in medulloblastoma is being undertaken at the University of Texas. Mobile Streams 0.153p £6.5m (MOS.L) The mobile content and data intelligence company, announces it has signed a 5-year contract as the exclusive provider of all NFTs for LPGA golfer Gaby Lopez. MOS will produce a large range of NFTs for Gaby Lopez. Both parties have agreed a target revenue figure over the 5 years of the contract of which MOS's share is estimated to be approximately US$3.6m. The Agreement also requires MOS to make an initial cash payment to Gaby Lopez, and if certain revenue targets in a year are met then a minimum revenue guarantee would exist for the next year. Furthermore, MOS will issue Gaby Lopez with US$10k of ordinary shares at the 3 month VWAP prior to the share issue with an intended 1 year lock in. Molecular Energies 124p £12.8m (MEN.L) The international energy company announces results for the 9 months of the year to 30 September 2022 in Argentina and an update on its Louisiana assets. For the 9 months, the Argentina subsidiary, President Petroleum S.A (PPSA) reported turnover in excess of US$26m and profit before tax of $16.9m. In Q3 2022, the average oil reference price in Rio Negro for domestic sales was US$60.94 per barrel compared to $58.89 for H1 2022. Louisiana wells are now fully back online and producing with the new gas lift system which is being tuned to define optimum stabilized production capability. RUA Life Sciences 35.5p £7.9m (RUA.L) The holding company of a group of medical device businesses focused on the exploitation of long-term implantable biostable polymer (Elast-Eon™), provides an unaudited trading update for the six-month period ended 30 September 2022 (H1 2023). Sales (including royalties) for the period increased to £1,104k, representing year on year growth of 56% (H1 2022: £708k), ahead of Board expectations. Group losses for the period reduced by 15% to £1.1m (H1 2022: £1.3m). Cash and cash equivalents as at 30 September 2022 was £2.5m (as at 31 March 2022: £3m). Tekcapital 18.75p £28m (TEK.L) The UK intellectual property investment group focused on transforming university technologies into valuable products, announces that portfolio company Guident Ltd. has been selected by Boca Raton Innovation Campus (BRiC) to provide an autonomous shuttle service for a 2.1-mile fixed route connecting to the Boca Raton Tri Rail station, the most frequented station in South Florida. The service will utilise Polaris GEM e6 vehicles equipped with autonomous vehicle capabilities integrated with GUIDENT's Remote Monitor and Control Center located at BRiC. Guident's patented software solution provides an added layer of safety for autonomous shuttle services by delivering human in the loop supervision to autonomous vehicle fleets. Totally 31.25p £58.6m (TLY.L) The provider of a range of healthcare services across the UK and Ireland, announce its unaudited results for the six months ended 30 September 2022. Group turnover grew 14.1% to £70.3m (H1 2022: £61.6m). EBITDA profit increased slightly to £3.4m (H1 2022: £3.3m) and profit before tax was £1m (H1 2022: £0.9m). During the period Totally delivered services to approximately 1.25m patients. 15 existing urgent care contracts were extended amounting to c.£37m in value, underpinning recurring income and its relationships with NHS partners. The Board remains confident that results for the full year will be in-line with consensus market expectations. Vast Resources 0.25p £4.1m (VAST.L) The mining company announces an interim production update regarding its Baita Plai Polymetallic Mine in Romania. Further to the announcement on 31 October 2022 regarding production at Baita Plai continuing to increase, the Company confirms that it has today commenced loading for the planned mid-November concentrate sale which will be the largest tonnage delivery made to its offtake partner for a single month. The Company is planning its next concentrate sale in the first half of December 2022. An update on the Q4 2022 Baita Plai production figures will be provided in early January 2023 following the close of the reporting period. Wynnstay Group 640p £142.8m (WYN.L) The agricultural supplies group provides a trading update for the financial year ended 31 October 2022. It is expected results will be ahead of market expectations issued on 6 September 2022. This position reflects a positive trading performance in the final months, a higher than expected contribution from joint venture activities and an additional, non-cash profit of approximately £0.5m from grain trading operations within the Agriculture Division.
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Wynnstay has flagged a strong Q422 which further boosts the PBT we expect for FY22E. We have already seen a number of upgrades, but we lift PBT by a further c£4m today to £19.6m (vs £11.1m delivered in FY21). The main driver of this exceptional performance has been the volatility in the fertiliser sector. With rapidly rising energy prices, some producers of ammonia have ceased production, causing all fertiliser prices to spiral. As a manufacturer, Wynnstay has thus enjoyed windfall profits on stock plus an improvement in cash margins. The higher prices have resulted in some reduction in demand, but this has been comfortably offset by the other factors. Also in Q4, as a result of the hot/dry summer, we have seen an early completion to the harvest. This has boosted volumes for the group’s grain trading operation as farmers look to lock in the current high market prices. Whilst an element of this is simply timing (i.e. earlier volume), the initial comments on the harvest suggest tonnage could be higher than 2021’s 14m tonnes. With wheat prices still comfortably in excess of £250/tonne, farmers have also been buying seed in healthy volumes for the coming season. Finally, the hot summer has also led to limited grass growth for livestock. Thus farmers have been buying feed to supplement meagre natural supplies. As it is unusual to see such demand in the late summer, Wynnstay has had to buy in raw materials at higher prices, which has eroded some of the profit benefit. It is encouraging that farmers have been willing to continue to purchase farm consumables despite higher prices, supported by the current (good) farmgate prices. However, management flags caution about how robust consumer demand will be in the autumn, and whether this ultimately results in pressure on farmgate prices in the new financial year.
Strong Q4 Wynnstay has issued a trading update announcing early visibility over a strong fourth quarter (year end October 31, 2022). This can be a seasonally important quarter, and a number of positive factors means that the results are now likely to be significantly ahead of current market expectations. The group has already lifted expectations for this year on a couple of occasions. Both Arable and Feed are good On fertiliser there has been volatility in pricing throughout the year and this has already helped generate stock profits. These windfall stock profits were last estimated at £4m. However, there has been a further benefit to stock profits from the recent step up in pricing, following CF Industries’ announced plant closures as a result of higher gas prices. On grain trading, the early completion of harvest has generated improved and earlier trading volumes, and high grain prices have encouraged seed sales for next year. Finally, the lack of forage due to the hot summer has promoted strong demand for animal feed, and this has been supported by higher milk prices. On some contracts, we are now seeing prices over 50 pence per litre, whereas exceeding 30ppl would have been a previous high point. Caution over FY23 Management are aware of inflationary pressures and the concerns over the wider macro-economic backdrop, so at this stage are not looking to adjust expectations for the new financial year (to October 23). Current market expectations assume lower profits next year due to the likely absence of stock profits on fertiliser.
The recently reported Interim results from Wynnstay showed a remarkable year-on-year improvement. PBT was ahead by 85% to £10.21m, which is not far off the FY21 result (£11.44m). The group had previously flagged that the results would benefit from a windfall boost from its fertiliser business and this was a major factor in the progress. 1H gross profits were ahead by c£8m; the estimated margin gain on the 1H spike in fertiliser prices accounted for around half of this. As a result of higher prices, demand for fertiliser was reduced, but the additional margin more than compensated. Wynnstay does not expect this windfall to repeat in 2H. A further £1m of gross profit came from the Hartley’s acquisition, but there was also some organic profit progress, especially in the group’s Retail activities. Operating profit here increased by £1m (25%) on an improved mix. Generally, the farming backdrop has been favourable. Farmers are seeing inflation in costs (diesel, fertiliser, labour), but higher farmgate prices have protected farmers’ spending power. There is no immediate indication that this supportive backdrop will change markedly in 2H. The lower application of fertiliser referenced above was largely confined to grassland use so this could prove supportive for feed demand later in the year if silage levels are low. We have revisited FY22E numbers in light of this stronger 1H result. Our previous PBT forecast of £13m assumed a £2m windfall, but this is now been reported as £4m. We also lift profit expectations for Retail. In total, we increase our PBT forecast by £2.7m to £15.7m. For future years, the upgrade is more modest at £800k but still a helpful 7% boost. We lift our TP to 675p, using FY23E forecasts to remove the distortion to profits from the windfall, although the benefit will ultimately materialise in cash.
Wynnstay Group (‘Wynnstay’), the agricultural and merchanting specialist, has today (28 June 2022) issued a record set of interim results (Y/E October) ahead of the Board’s and our upgraded expectations. The UK agricultural backdrop continues to be favourable given strong commodity/farmgate prices and with food security/availability, safety and traceability at the forefront. We continue to believe Wynnstay is very well-placed structurally and operationally to take advantage of current market dynamics, increased on-farm sentiment and the expected near-term increase in on-farm investment. HOUSE STOCK.
Wynnstay, at its AGM last week, updated the market on current trading. It flagged that the trading in the first 4 months of the year had continued to benefit from the volatility in the fertiliser market. As a result it anticipated that its FY22 pre-tax profits would exceed market expectations. This was a feature of the latter months of FY21, when fertiliser prices rose sharply on fears of a shortage (one of the main UK plants closed). As the group was holding stocks of raw materials at the time, purchased at lower prices, it made windfall margins on the subsequent fertiliser sales. With the conflict in the Ukraine, and the recent rise in energy prices, there has been a further increase in fertiliser prices so this margin windfall has repeated. While higher pricing has impacted current demand for fertiliser it is not yet clear whether this reflects a decision not to apply fertiliser at all this season, or simply a delay in purchasing in the hope that prices retreat. This is largely affecting applications to grass (for fodder), rather than arable, as wheat prices are at high levels thus justifying the purchase to boost yield. We have revisited our forecast for FY22E in light of the statement and increase PBT forecasts by £2m, from £11m to £13m. EPS increase from 42.4p to 50.3p. However, the company has reiterated that it does not expect this to repeat so we leave FY23E and FY24E forecasts unchanged. In the short term, the rapid increase in prices is also affecting working capital so we anticipate a larger than expected w/capital outflow this year. This will normalise in due course, so this extra profit will eventually benefit cash. We revisit our TP but now base this on FY23E forecasts as they are not distorted by the non-repeating profit. Building in lower market multiples, but the benefit in cash, the net increase in TP is from 607p to 620p.
Wynnstay Group (‘Wynnstay’) has issued a strong trading update ahead of its AGM taking place later today (22 March 2022), in line with management and our pre-acquisition expectations. On 18 March 2022, Wynnstay completed the £9.5m (initial consideration) poultry and point-of-lay pullets acquisition (Humphrey Feed & Pullets) in line with its growth strategy and continued focus in the attractive free-range/organic poultry sector. Accordingly, we upgrade our FY22F and FY23F adj. PBT by c.3% to £11.0m and c.7% to £11.9m respectively. HOUSE STOCK.
Wynnstay has announced the purchase of Humphrey Feeds, a manufacturer and supplier of poultry feed. Wynnstay already has a regional presence in this market, largely servicing the free range egg sector, with an estimated market share of 6%. This acquisition will boost the group’s share to c.11%. Importantly, it also expands the group’s geographic reach. Wynnstay’s poultry feed sales are currently largely focused in the group’s heartland in Wales, but this business is located in the south of England (operating below the M4) so is a useful adjacent expansion. The manufacturing site is currently located at Twyford in Hampshire, but there is a second (unoccupied) site included in the deal located at Calne in Wiltshire. It is the group’s intention over the next few years to invest in this second site with a view to relocating the Twyford operation (this site is only on a short lease), but, alongside poultry feed, the group intends to create a multi-species feed site. At present, although Wynnstay has a retail presence in the south east (having bought some Countrywide Stores in 2018) it doesn’t have a presence in feed due to the lack of local manufacturing. However, this acquisition provides the base from which to build this in due course. The cost of the acquisition was £9.5m, although a further £13m has been earmarked for investment in Calne in FY23/FY24. The deal is reported to be immediately earnings accretive. In this part year of ownership, we expect it to add c£630k to operating profit but also £140k to interest, leaving a net addition to PBT of £500k taking the new number to £11m. In the first full year, without assuming any synergies, the deal should boost PBT by £850k to £11.7m. We upgrade our forecasts accordingly and our TP moves up to 607p, reflecting the new forecasts but also the latest peer multiples.
WYNNSTAY GROUP+ (WYN, House Stock, 515p) – £11.5m poultry feed and point-of-lay pullets acquisition.
FY results from Wynnstay came in ahead of our forecasts, following a strong 2H. Underlying PBT was £11.4m vs our forecast of £11m (on the Wynnstay reporting basis, including pre-tax JV but excluding share based payments). The Group had flagged an acceleration in trading to the market in November. The stronger results were reported by both divisions. In Specialist Agriculture there has been a better backdrop. Farmer confidence improved following Brexit (with a negotiated deal), and farmgate prices have also been strong, underpinning farmers’ confidence to invest. In Agriculture, the arable business showed a marked improvement following a more normal harvest. Grain trading volumes increased, as did seed purchases for the new season. In addition, close to year end, there was a windfall result from Fertiliser. Due to the closure of certain larger UK plants, fertiliser prices rose sharply so, on product already manufactured, the Group made a healthy margin. There was also some “panic buying” by farmers, boosting volumes. Looking to FY22, the general backdrop remains positive, with farmgate prices remaining high. However we do need to be cautious around fertiliser. The windfall margin will not repeat, and the panic buying may well have also pulled some purchases forward, from FY22 into FY21, although this is harder to judge currently. Our FY22E forecasts sit below the result reported for FY21, although PBT is increased from our previous estimate. We lift from £10.1m to £10.5m (on Investec basis) to reflect the higher FY21 base. We assume profit growth resumes in FY23E and beyond. The payment system for farmers will change from 2024 (in England), but Wynnstay is already making changes to its offer to ensure it can advise on, and help with, the new environmental focus that farmers will be adopting.
Wynnstay Group (‘Wynnstay’) has issued its FY21 results. Overall, the results showcased the very positive trading environment experienced during the year and continued momentum in profit growth as the business benefited from growing farmer confidence and the strengthening of output prices. Following a very positive trading update in November 2021, we upgraded our FY21 adj. PBT expectations by 14.6%. However, the Group has once again surpassed our upgraded estimations with FY21A adj. PBT c.5% ahead. We believe the Group is structurally and operationally in a strong place especially given the favourable market backdrop and adapting spending patterns suggesting to us the confidence in the future of UK farming and agriculture. Wynnstay is well-placed in our view to take advantage of the improving market conditions, given its broad spread of activities and strong asset backing. HOUSE STOCK.
Wynnstay reported a strong close to the year and indicates that it now expects to report FY profits substantially ahead of previous expectations. The Group had enjoyed better trading through its first half, but given the timing of the arable harvests, the final quarter of the year can be important to the shape of the FY outcome. Cereal tonnage from the last harvest (2020) was unusually low, but this year has returned to a more normal level, if not slightly better than expected on improved yields. This has helped boost grain trading volumes in Q4, and coupled with higher prices for milling wheat (now comfortably above £250/tonne, an all-time high), farmers have been in a buoyant mood and happy to spend on farm consumables. There looks to be no obvious signs of farmgate prices weakening for arable or dairy, so, for this new financial year, the positive backdrop should continue. In addition, there has been a boost to the Group’s fertiliser blending operations. The well-publicised operational challenges faced by the international fertiliser sector has prompted some early buying by farmers (fearful of short supplies), but it has also driven prices up sharply. As Wynnstay had some stock in the system, it has seen some margin “windfall” on these Q4 purchases. Raw material prices have now moved up, reflecting higher finished product prices, so this is best viewed as a one-off benefit. In total, we upgrade FY21E by £1.2m to £10.6m. The company reports its headline number excluding share option charges and a pre-tax JV so, on that basis, the forecast would be c.£11m. For FY22E, we upgrade by less, reflecting the one-off nature of some of this year’s profit. We lift PBT by £0.4m to £10.1m (c.£10.4m on Wynnstay adj. basis).
Food Producers - Trading Comments - WYN WYNNSTAY GROUP+ (WYN, House Stock, 530p) – Another strong trading update; upgrades!
Wynnstay Group (‘Wynnstay’) has today (30 June 2021) issued a very positive set of interim results for the period ended 30 April 2021. The Group’s balanced business model has come to the fore and delivered record HY pre-tax profits. Trading momentum from H2 FY20A across feed and the Specialist Agriculture Merchanting division has continued in H1 FY21A and has been ahead of management and our expectations. Following the outperformance in feed and Merchanting more than offsetting a weaker arable performance (as expected following CY20 poor harvest), we upgrade our FY21F adj. PBT by 15.7% from £8.3m to £9.6m and adj. dil EPS by 16.1% from 33.8p to 39.2p. We also assume a positive flow through into FY22F given the positive agriculture market backdrop. As a result, we also upgrade our FY22F adj. PBT by 14.9% from £8.7m to £10.0m and adj. dil EPS by 15.3% from 35.4p to 40.8p. Overall, we continue to remain positive on the Group’s long-term prospects in a dynamic market and as such expect the business to expand going forward both organically and acquisitively to deliver shareholder value creation. We believe market dynamics are in Wynnstay’s favour and its resilient/well-balanced business model leaves the Group well placed with its natural hedge and a significantly strong asset backing (NAV/share = 504p, 9% discount to current share price). Based on our upgraded forecasts, Wynnstay trades on an FY21F PER of 11.7x, an EV/EBITDA of 5.6x, a FCF yield of 5.9% and a dividend yield of 3.3%. HOUSE STOCK.
Wynnstay has a well-balanced, resilient and cash generative business model with a natural hedge, strong asset backing and a highly experienced management team. The Group has a strong financial track record in terms of profit and cash and has consistently increased its dividend for the last 17 years. We feel Wynnstay could be a Brexit winner. The Free Trade Agreement (FTA) with the EU provides UK farmers with much more clarity, stability and ultimately confidence with the industry being in a much stronger position post the EU referendum vote (i.e. a prolonged period of uncertainty). Agriculture is still going to receive the £3bn support package per annum from the UK government until 2024 giving farmers time to prepare for the new Agricultural Bill and providing incentivises for sustainable farming practices, improved environmental outcomes and ‘public money for public goods’. We expect significant on-farm investment over the coming years in preparation and believe Wynnstay is well placed to capitalise on the structural shift in market dynamics. Coronavirus has also raised issues around food quality/security and animal welfare (the UK has one of the highest standards globally). Thus, we expect to see much more reliance on UK food produce which, should ultimately benefit farmers and encourage spending. Wynnstay equity, based on our conservative forecasts trades on an FY2021F PER of 14.2x, an EV/EBITDA of 6.0x and a dividend yield of 3.2%. We believe the shares will continue to rerate as the outlook improves and output prices strengthen.
Wynnstay today announced two small bolt-on acquisitions which further extend the group’s geographic reach. The first is AR Agriculture which is the agricultural division of Armstrong Richardson Group, a family-owned business based in the North East of England (HQ is c 10 miles from Middlesbrough). The acquired business is a long established merchant of products to the rural and agricultural communities. The range includes seed (it is one of the largest suppliers in northern England), a wide range of branded cattle and lamb feed, and a variety of fertilisers. Alongside these products, it offers a number of services, such as grain trading, soil sampling and silage analysis. The second acquisition is the fertiliser manufacturing businesses and assets of HELM Great Britain Limited, based near Goole at the inland Port of Howden. It produces and wholesales blended fertilisers. This will add to the group’s presence in the sector through Glasson, extending its reach to the south Yorkshire region No details on the considerations were provided, so we assume they are modest in scale, but appear useful bolt-ons, with each extending the group’s footprint. The shares have enjoyed a strong rally since January results, with the share price rising from 345p to close to 500p. We update our TP calculation for the latest peer multiples and it increases from 400p to 475p. However, with the stock trading at around this level already, we move our recommendation to Hold.
Acquisition news Wynnstay has announced two small acquisitions today. It is purchasing the Agricultural division of Armstrong Richardson Group, a family-owned business that has been supplying feed, seed and fertiliser to rural and agricultural communities in the North East of England. The second purchase is the fertiliser manufacturing business and assets of HELM Great Britain Limited, based in Goole. Bolt-ons No consideration was provided so we assume they are modest in scale. The group favours these useful bolt-ons, which in this instance extend the group’s footprint in the east of England. Forecasts & Valuation We forecast FY21E PBT of £8.5m, and EPS of 33.8p. The shares have enjoyed a strong rally since the January results – we will revisit our TP and recommendation which we place under review.
Wynnstay this week reported better-than-expected FY20 numbers after improved 2H momentum. Adjusted PBT was reported at £8.37m versus our forecast of £8.0m, a 4% increase on the prior year. EPS was 34p and the FY dividend 14.60p. Net cash (excl. property leases) was £14.7m although this benefited from a favourable working capital cycle, some of which will reverse in the current period. The year had a challenging start, with arable activities impacted by poor autumn 2019 plantings and continued uncertainty due to Brexit but, towards the end of the year, farmgate prices strengthened and this helped lift farmer confidence. The feed and the retail operations were the main beneficiaries of this, with arable activities further impacted by the exceptionally low wheat harvest (the result of reduced autumn plantings). COVID added another dimension to the year, but the group successfully kept all of its operations open, switching to an order and collect model for its specialist stores. The start to FY21 has been more favourable. Plantings returned to more normal levels, and the free trade deal secured in December also removes a major uncertainty for farmers. Farmgate prices have remained at good levels. 2021 will see the start of the 7-year transition period for the new Agricultural Bill, with support payments moving increasingly towards environmental initiatives. However, overall, the Government has promised to maintain the quantum of farmer support payments for the duration of the current parliament. It is still early in the year so, for the time being, we make no changes to forecasts, although we would hope the risk to numbers is on the upside.
Wynnstay Group (‘Wynnstay’) has issued its preliminary results for the year ended 30th October 2020. Despite the exceptionally challenging market conditions in UK agriculture across H1, trading momentum in H2 was strong with robust demand in Feed and Merchanting. Wynnstay has continued to deliver robust profitability (slightly ahead of our revised expectations in Nov 20) and good cash generation whilst the Group’s resilient well-balanced business model gives us further comfort and encouragement going forward. We leave our conservative FY2021F profit estimates unchanged (adj. PBT £8.3m and adj. dil EPS 33.8p) as we have already assumed a recovery in financial performance given that we expect normalised trading conditions across the sector. The statement highlights that the outlook for the Group and the general agricultural market remains positive following the UK government’s ‘free trade deal’ with the EU. We believe Wynnstay is well-placed to take advantage of market dynamics as the agriculture industry adjusts post Brexit given its diverse product range across livestock species, ongoing investment via innovation and strong balance sheet/asset backing. Wynnstay trades on an attractive FY2021F PER of 10.8x, EV/EBITDA ratio of 4.4x, FCF yield of 6.3% and a dividend yield of 4.2%. HOUSE STOCK.
Wynnstay yesterday reported that it expects a better result for FY20 as it closes the year. At the interim stage, it had flagged caution on arable operations (given a very poor planting season), but also for the feed activities due to the ongoing uncertainty around Brexit. As a result, we had expected a weaker FY20 outcome versus an already depressed FY19. The group’s caution around arable proved to be correct. With less crop in the ground, fertiliser and other crop health products were less in demand and grain trading volumes were also lower as the resulting wheat harvest was c40% down yoy. Seed sales were also reduced as farmers still had earlier purchases they had been unable to plant through the wet winter. The upside however came from the feed and retail operations. It would appear some farmers have been utilising the Government’s Bounce Back loans. This increased cashflow has been put to good use, boosting investment in livestock as farmgate prices have remained strong, particularly in the red meat sector. Even milk prices have been firm (in the high 20ps). Brexit uncertainty seems to have been less of a drag on confidence of late, perhaps as press commentary would suggest the chance of a deal is good. However, this could change very quickly if the negotiations break down. With the performance for FY20 now largely known, we follow the group’s guidance and upgrade our PBT from £6.8m to £8m (EPS 32.2p). This is now a broadly flat performance vs FY19. However, for the time being we leave FY21 unchanged. The outlook for arable should be better based on the acreage planted this season, but confidence is a fragile commodity. When the group reports its FY numbers in January, we should have a better handle on Brexit.
Wynnstay Group (‘Wynnstay’) has issued a trading update in relation to its year ended 31st October 2020. Positively, trading momentum in the second half of the year has been strong, especially in Q4, across both the Agriculture and Specialist Agricultural Merchanting Divisions. More specifically, there has been robust demand for products across the Group in the Feed and the Merchanting businesses. Consequently, the Board now expects to report profitability for FY2020F significantly ahead of current market expectations. As a result, we are upgrading our FY2020 adj. PBT and adj. dil EPS by c21% to £8.1m and 33.5p respectively. At this juncture, we leave our FY2021F estimates unchanged as we have already assumed a recovery in financial performance given that we expect trading to normalise in the sector and adverse weather patterns not to be repeated. The statement highlights that the outlook for the Group and the general agricultural market remains positive despite uncertainties around Brexit and that Wynnstay is well-placed to take advantage of any value-creating opportunities should they present themselves. Based on our upgraded forecasts, Wynnstay trades on a what we see as a very lowly FY2020F PER of 9.2x, and a great entry point EV/EBITDA ratio of 4.0x, FCF yield of 22.5% and a dividend yield of 4.5%. HOUSE STOCK.
Wynnstay Group (‘Wynnstay’) has issued its interim results for the period ended 30 April 2020. Despite the exceptionally challenging market conditions in UK agriculture trading across H1 FY2020F, Wynnstay has continued to deliver robust profitability and good cash generation. Given the rapidly evolving situation around COVID-19, we withdrew our FY2020 and FY2021 forecasts post the AGM statement in March. Management now believe visibility has somewhat improved, so we reintroduce our forecasts for the Group. For FY2020 (FY2021), we forecast £6.7m (£8.3m) adj. PBT and 27.7p (33.9p) adj. diluted EPS respectively. This morning’s results have given us further comfort that the business can navigate through challenging conditions and emerge profitably. We continue to believe Wynnstay is well-placed given its widespread product range across livestock, strong asset backing and robust balance sheet. Looking longer-term, the outcome of Brexit should promote greater efficiency and productively within the industry, in our view. Thus, leaving Wynnstay in a strong position to benefit from the structural shift. Based on our reintroduced forecasts, Wynnstay trades on a FY2020F PER of 9.0x, EV/EBITDA ratio of 3.5x, FCF yield of 26.1% and a dividend yield of 5.6%. HOUSE STOCK
Commentary from the wider agricultural sector has been consistent: 2019 was a challenging year. Aside from (hot weather) inflated profit comparatives from the previous year, a number of negative influences have resulted in reduced purchasing activity across the livestock and arable sectors. The weather has been mild and wet, giving rise to plentiful grass supplies, farmgate prices have been largely weaker yoy and farmer confidence reflects ongoing uncertainties around life after Brexit. Wynnstay’s balanced portfolio has helped it deliver a robust result but, with the strong comparatives from FY18, adj. PBT was 17% lower yoy. However, excluding this “windfall” year, and compared to FY17, profits were flat. As we move into 2020, there are a number of headwinds to flag. Weakening farmgate prices and Brexit uncertainties continue to influence farm activity. In addition, the recent wet winter has delayed winter wheat plantings which could impact demand for fertiliser, agri-chemicals as well as reduce future grain trading activity. Whilst there is no additional bad news for the feed operations, mild weather has continued to keep volumes at last year’s depressed levels. With the prospect of some pressure on the arable side, we prudently trim our forecasts to assume an unchanged year for FY20E (see table overleaf). Looking much beyond is a challenge, but we tentatively assume some modest growth resumes in FY21E. On valuation grounds, Wynnstay looks to sit at an unfair discount to others in this space. NWF and Origin trade on 5.5-6.5x EBITDA (to October 2020) vs Wynnstay’s c.4x. If we apply a 6x multiple to Wynnstay, this would suggest a valuation of 380p. A DCF suggests a more prudent 350p, which still suggests healthy upside. We set this as our TP and move our recommendation up to BUY.
Wynnstay Group (‘Wynnstay’) has issued its preliminary results for the year ended 31 October 2019. Overall, the business remains able to deliver robust profitability and cash generation despite CY2019 UK agriculture trading conditions being tough. The Group’s broad range of agriculture activities and resilient business model with its natural hedge has come to the fore. However, management expect another ‘challenging’ year ahead primarily around feed and arable/fertiliser as adverse weather conditions impacts demand. As a result, we downgrade our FY2020F adj. PBT and adj. diluted EPS by c14% to £8m and 33p respectively, which is effectively flat year-on-year until there is added visibility. In terms of FY2021F, we expect trading conditions to normalise and for the Group to return to growth as farmers spending patterns recover. Despite short term trading conditions, we believe Wynnstay is well-placed in our view given its widespread product range across livestock, ongoing investment to reduce costs and strong balance sheet. Wynnstay trades on a FY2020F PER of 8.9x, EV/EBITDA ratio of 4.5x, dividend yield of 5% and FCF yield of 11.4%. HOUSE STOCK.
In line with earlier guidance, Wynnstay reported a decline in 1H profitability. Adjusted PBT (excluding non-recurring and share based payments) was £4.27m, down 15% from the prior year’s £5.01m. EPS were down a similar amount at 17.7p, but the group did increase the interim dividend by 4% to 4.60p as it has scope within its dividend cover and as a sign of confidence in the medium term outlook. The reduction in profitability was largely ascribed to the weather; we had an unusually mild 2018/19 winter, whilst last year it was the opposite, with winter weather running through into late Spring. In addition, ongoing uncertainty around Brexit has led some farmers to put bigger investment plans on hold. The group has a balanced model with both livestock and arable exposure and this did help mitigate some issues. Arable categories fared relatively well, as the mild weather helped with early plantings and fertiliser application, but demand for feed as well as certain other farm consumables /infrastructure items was lower, and, overall, the business mix was detrimental to margins. Whilst we are out of the main feed season now for ruminants, the mild weather is believed to have pulled forward some arable purchases and uncertainty around Brexit is expected to remain a factor in 2H. However, the profit shortfall relative to 1H should no worse so this gives us some scope to revisit FY numbers. We increase FY19E PBT by £350k to £7.75m, with EPS moving up by 5% to 31.3p. We increase FY20E numbers by a similar 5% magnitude.
Wynnstay Group (‘Wynnstay’) has issued its interim results for the period ended 30 April 2019. Despite tough trading conditions in UK agriculture across Q2 FY2019, the business remains able to deliver robust profitability and good cash generation. Underlying market conditions have deteriorated in CY2019, but Wynnstay’s broad range of agricultural activities and resilient business model with its natural hedge has come to the fore. Although profitability has declined from the prior period year, it is in line with our revised expectations post the trading statement issued on 21st March 2019. Our FY2019F and FY2020F profit forecasts remain unchanged, factoring in no real improvement in market conditions in the current year. The business remains well placed with strong asset backing and a robust balance sheet, in our view. Looking forward, whilst climate conditions are impossible to predict, the outcome of Brexit in our view should promote greater efficiency and productivity within the industry, which leaves Wynnstay in a strong position. HOUSE STOCK
Wynnstay Group (‘Wynnstay’) has issued a trading statement today (21 March 2019) ahead of its AGM on the 26 March 2019. Whilst Q1 (November to January) was in line with management expectations, Q2 has seen a rapid deterioration in the trading environment. Due to tough trading conditions across the industry and farming sentiment somewhat uncertain surrounding Brexit, management prudently anticipates FY2019 to be substantially below current market expectations. Therefore, we downgrade our forecasts for FY2019F and FY2020F and now expect adj. PBT of £7.7m from £9.6m and £9.3m from £9.8m respectively. This equates to an adj. EPS of 31.8p from 39.6p in FY2019F and 38.3p from 40.4p in FY2020F. Whilst downgrades are disappointing, we highlight the fact that management remains very cautious looking ahead on the trading environment. We remain positive on the group’s long-term prospects, which are supported by a resilient business model and strong balance sheet but note the near-term trading environment looks to be deteriorating. HOUSE STOCK.
So what does this all mean? Well in terms of the group, our FY19 EBIT climbs from £2.0m to £2.3m – which in turn pushes the sum-of-the-parts (SOTP) valuation 2p higher to 62p/share
Earlier this morning UK agricultural input supplier Wynnstay (WYN LN) announced the acquisition of eight country stores from the administrators of Countrywide Farmers for £800k.
Wynnstay’s (WYN LN, N/R) senior management team of Ken Greetham (CEO) and Paul Roberts (FD) presented to Whitman Howard’s equity salesforce on Friday 23rd June in the aftermath of interim results. While the company’s Just for Pets business proved disappointing recently, the underlying agriculture story remains strong. The company highlighted favourable comparisons at its 21st March 2017 AGM.
Wynnstay’s (WYN LN, N/R) AGM, held in Shrewsbury yesterday delivered a number of positive messages for the B2B agriculture sector. The current trading backdrop, absence of deflation and raised pressure for further efficiency gains all argue for a more positive outlook for this discrete sub-segment.
Wynnstay Group plc Carr's Group PLC
Wynnstay Group: FY 2016 Results
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Leading Brexiteer Andrea Leadsom was appointed Secretary of State for the Department of Environment, Food and Rural Affairs (DEFRA) this month. Perhaps one of the most unenviable jobs in the new UK government, given the importance of EU subsidies to the country’s farming sector. Agra Europe estimated last year that up to 90% of UK farms would not survive without them.
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With extremely tough conditions across the UK agricultural sector at the moment, this month we took the opportunity to visit some of the operations of one of the UK-listed agricultural input companies at the centre of the storm, Wynnstay Group (WYN LN).
Commodities - Agriculture
Wynnstay Group (WYN LN), a UK manufacturer and supplier of agricultural inputs, has announced a trading update for its H1 2016 period, which runs from November 2015 to April 2016, prior to its AGM this morning.
Wynnstay Group (WYN LN), a manufacturer and supplier of agricultural inputs, has announced results for the year ended 31 October 2015 (FY 2015).
Wynnstay Acquisition & Trading Update
Wynnstay: H1 2015 Results