9 February 2026

AIM: WYN

 

Wynnstay Group plc

("Wynnstay" or "the Group" or "the Company")

Agricultural supplies and services group

 

Final Results for the year ended 31 October 2025

 

Strong operational and financial performance in line with recent upgraded market expectations

 

Results Summary

	2025	2024	Change
Revenue	£583.4m	£613.1m	-4.8%
Gross profit	£80.5m	£79.2m	+1.6%
Adjusted operating profit1	£9.2m	£7.9m	+16.5%
Adjusted profit before taxation2	£9.2m	£7.6m	+21.1%
Adjusted earnings per share3	28.8p	23.8p	+21.0%
Net cash4	£25.7m	£32.8m	-21.6%
Total dividend per share	17.8p	17.5p	+1.7%
Statutory results
Operating profit	£3.7m	£4.6m	-19.6%
Profit before taxation	£3.5m	£4.1m	-14.6%
Earnings per share	9.88p	12.12p	-18.4%
Net cash - full IFRS 16	£9.8m	£17.2m	-43.0%

¹Adjusted operating profit excludes amortisation of acquired intangibles, share based payment expenses, losses on mark to market of derivatives and non-recurring items.

²Adjusted profit before taxation excludes amortisation of acquired intangibles, share based payment expenses, losses on mark to market of derivatives, non-recurring items and the share of tax incurred by joint ventures.

³ Adjusted earnings per share takes into account the tax effect of adjusting items

⁴Net cash excluding IFRS 16 leases

 

Financial Highlights

·      Strong performance in line with recently upgraded market expectations, driven by early, tangible benefits from the Group's operating changes, including improved pricing and product mix execution, stronger margins and tighter cost control.

·      Adjusted profit before tax increased to £9.2m (2024: £7.6m) and adjusted operating profit increased to £9.2m (2024: £7.9m), driven by improved margins and the benefits of the operating efficiencies delivered during the year.

·      Gross profit increased to £80.5m (2024: £79.2m), supported by improved pricing, mix and cost control.

·      Revenue decreased to £583.4m (2024: £613.1m), primarily due to lower manufactured feed and traded feed raw material activity as well as lower grain prices following another weak UK harvest.

·      Non-recurring items of £5.9m (2024: £2.3m) arose from the Group-wide operating asset review and integration activity to establish a more efficient operating model; no further material restructuring charges expected in FY26 (as previously guided).

·      Net cash of £25.7m (excluding IFRS 16 leases) at year end (2024: £32.8m), maintaining a strong balance sheet and investment capacity.

·      Progressive dividend maintained: proposed final dividend 12.1p, taking total dividend for the year to 17.8p (2024: 17.5p) marking 22 years of unbroken dividend growth.

 

Operational Highlights

·      Feed & Grain - adjusted profit before tax of £1.3m (2024: £0.7m):

o  Profitability improved year-on-year with margins strengthened and cost savings delivered, while volumes were lower (following the planned poultry transition and softer trading activity following a weak harvest). Trading operations are now fully consolidated under the GrainLink model, enhancing scale and customer reach.

·      Arable - adjusted profit before tax of £2.3m (2024: £1.4m):

o  Improved year-on-year profitability, supported by higher blended fertiliser volumes under the Glasson Fertilisers brand and the successful commissioning of the Avonmouth blending facility, alongside disciplined pricing and purchasing.

·      Stores - adjusted profit before tax of £5.7m (2024: £5.5m):

o  Like-for-like retail sales broadly unchanged and operating performance improved, supported by pricing actions and tight cost management.

 

Project Genesis

·      Project Genesis was established as a three year plan to create a more efficient operating model that would drive higher margins, profits and cash generation and support the Group's wider growth plans and value creation.

·      The design phase of Project Genesis was completed during FY25, including core integration, reorganisation and operating asset review activities. This will deliver a more efficient, cohesive and better-controlled operating platform.

·      Project Genesis has now entered its second phase, aimed at achieving sustained operational and financial delivery further enhancing margins, cost efficiency, and returns.

 

Introducing Wynnstay Strategy Genesis: The Group's five year growth plan

·      Building on the improved operational foundations delivered by Project Genesis, the Group recently launched Wynnstay Strategy Genesis, its five-year growth plan focussed on the next phase of the Group's strategic and financial progress; accelerating growth, enhancing returns and strengthening market position.

·      The strategy focuses on targeted capacity investment, improved customer propositions, increased share of wallet in core markets, and disciplined capital allocation.

·      While Project Genesis will remain active through to its completion in 2027, ongoing reporting disclosure will see Project Genesis referenced in the context of the operating foundations it has delivered, while Wynnstay Strategy Genesis will provide the primary framework for communicating the Group's strategic progress and growth.

 

Board Changes

·      Chairman, Steve Ellwood, to step down at the AGM on 24 March 2026, having completed his term of ten years on the Board (including five years as Chairman).

·      Steven Esom, Senior Independent Non-Executive Director, to succeed as Chairman, following an orderly succession process, ensuring continuity as the Group moves into the next phase of its strategy.

·      Following the Chairman succession, Catherine Bradshaw, currently Independent Non-Executive Director, will be appointed Senior Independent Non-Executive Director after the conclusion of the AGM.

 

Outlook

·      Early trading in FY26 is in line with the Board's expectations, and the Group remains focused on delivering further margin, cost and efficiency gains.

·      The Group is building on the initial stabilisation and integration phase of Project Genesis into its newly-launched five-year growth plan Wynnstay Strategy Genesis, supported by a stronger operating platform, clear investment priorities and a robust balance sheet.

 

Steve Ellwood, Chairman of Wynnstay Group plc, commented:

"FY25 has been a year of significant progress for Wynnstay, with a stronger underlying performance and clear early benefits from the operating changes delivered during the year. The business enters FY26 in a materially strengthened position, with a robust balance sheet, and a clearer platform for growth under Wynnstay Strategy Genesis.

 

"At the AGM on 24 March 2026 I will step down as Chairman, having completed my ten years on the Board. I am delighted that Steven Esom will succeed me as Chairman following an orderly succession process, ensuring continuity of leadership as the Group moves into the next phase of its strategy."

 

Alk Brand, Chief Executive Officer of Wynnstay Group plc, commented:

"FY25 has been a strong year for Wynnstay, with improved profitability and early, tangible benefits from the work completed in Project Genesis to simplify and strengthen the operating model. The dedication shown by colleagues across the Group has been outstanding and we have laid important foundations for the next stage of our development, Wynnstay Strategy Genesis.

 

"We enter FY26 with a clear strategy, strong operational capability and a robust balance sheet. Trading in the early part of the new financial year is in line with the Board's expectations, and we look forward with confidence as we progress into Wynnstay Strategy Genesis and pursue sustainable growth and improved returns."

 

Investor presentation

Management will be hosting a live online presentation for all existing and potential shareholders via the Investor Meet Company platform at 9:00 am on 12 February 2026.

 

Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9:00 am the day before the meeting or at any time during the live presentation.

 

Investors can sign up to Investor Meet Company for free and add to meet Wynnstay via:

https://www.investormeetcompany.com/wynnstay-group-plc/register

 

 

For more information on Wynnstay please visit https://www.wynnstayplc.co.uk/, or contact:

 

Wynnstay Group plc: Alk Brand, Chief Executive Officer Rob Thomas, Chief Financial Officer	Via Tavistock
Financial and Corporate communications: Tavistock Nick Dibden, Katie Hopkins, Grace Cooper	[email protected] +44 (0) 207 920 3150
Nomad and Broker: Shore Capital Stephane Auton/Tom Knibbs (Corporate Advisory) Henry Willcocks (Corporate Broking)	+44 (0) 20 7408 4090

 

 

CHAIRMAN'S STATEMENT

 

Overview

In my final Chairman's Statement, I am pleased to report a year of significant progress for Wynnstay. FY25 marks the first full year of Project Genesis, a three year transformation programme designed to reshape the Group's operating model, sharpen commercial focus, improve efficiency and lay the foundations for our future growth. The early benefits have been substantial and the design phase is now complete, as is the Group-wide asset review we set out in our interim results. The work undertaken during the year has created a much stronger platform from which to pursue the Group's long-term ambitions and positions us well as we enter FY26 and transition into Wynnstay Strategy Genesis, our new five-year growth plan.

 

What has been most impressive is that this transformation has been delivered as a true bottom-up programme, shaped and executed by colleagues across every part of the Group. The commitment, professionalism and resilience shown throughout this period of change have been exceptional. On behalf of the Board, I would like to extend my sincere thanks to all colleagues for their contribution.

 

Alongside this progress, we must also recognise the most difficult moment of the year. In January, a colleague tragically lost his life at our Llansantffraid site. This has had a profound impact on his family, friends and the Wynnstay team. The HSE investigation remains ongoing, and we continue to support the authorities fully. Safety remains paramount across the Group, and the Board has overseen meaningful investment in strengthening systems, governance and site standards.

 

Financial Performance

The Group delivered a stronger underlying performance in FY25. Adjusted profit before tax increased to £9.2m, up from £7.6m last year, underpinned by clear margin improvement and the early financial benefits of the operational changes implemented during the year.

 

Gross profit increased to £80.5m (2024: £79.2m), supported by improved pricing, tighter cost control and greater operational efficiency. Non-recurring costs of £5.9m followed the completion of the Group-wide operating asset review, the closure of two sites and the associated integration activities, and were in line with expectations.

 

The Group generated operating cash flows consistent with the Board's expectations and ended the year with net cash of £25.7m (pre-IFRS 16). This continues to provide a solid foundation for investment and shareholder returns.

 

Dividend

The Board remains committed to a progressive dividend policy. We propose a final dividend of 12.1p per share, resulting in a total dividend of 17.8p for the year (2024: 17.5p). This modest and sustainable progression demonstrates the Group's strong cash generation and confidence in the outlook for FY26 and marks 22 years of unbroken dividend growth.

 

Environmental, Social and Governance (ESG)

Wynnstay has long been a business built on strong values, deep regional roots and close relationships with farming communities. Our approach to ESG is grounded in both our heritage and the important role we play across rural economies. We continue to adopt the Quoted Companies Alliance Corporate Governance Code (the 'QCA Code') and remain focused on strengthening governance across the Group.

 

During the year, we continued to refine our approach to climate-related risks and opportunities and made further progress with renewable energy initiatives across our operations. Through our seed, fertiliser and advisory services, we also support farmers in adopting more sustainable and environmentally aligned practices.

 

Wynnstay's longstanding presence in rural Britain gives us a meaningful and positive impact on local communities. Throughout this period of operational change, we have remained mindful of our responsibility as a major rural employer and service provider, seeking to ensure that our actions support the resilience and vitality of the regions we serve.

 

Board Changes

At the forthcoming Annual General Meeting ("AGM") on 24 March 2026, I will be stepping down as Chairman of Wynnstay, having joined the Board on 1 April 2016 and assumed the role of Chairman on 14 February 2021. By the time of the AGM, I will have completed my term of 10 years on the Board, including five years as Chairman.

 

The Board has undertaken a structured and orderly succession process and I am pleased that Steven Esom, currently the Group's Senior Independent Non-Executive Director, will succeed me as Chairman.

 

Having joined the Board in 2023, Steven brings extensive senior executive leadership experience across the UK food, retail and agricultural supply sectors, together with deep listed company and governance expertise. He has held some of the most senior leadership roles in UK food retail, including Managing Director of Waitrose & Partners and Executive Director of Food at Marks & Spencer, where he led large, complex businesses and worked closely with farmers and agricultural supply chains.

 

Steven has played an important role in supporting the Board through the development and early execution of the Group's transformation programme, providing constructive challenge, commercial insight and strategic oversight. His wider experience as Chair of Sedex and other regulated and consumer-facing businesses further strengthens the Board's capability in governance, sustainability and stakeholder engagement. His appointment ensures continuity of leadership as Wynnstay moves into the growth phase of its five-year strategy.

 

During the last year we welcomed two new Board members, David Christensen and Cath Smith who bring a depth of farming and industry knowledge. I would like to take this opportunity to thank all my fellow Board members, the executive team and colleagues across the Group for their commitment and support.

 

Wynnstay remains a business with strong values, deep roots in its communities and a clear sense of purpose. It has been a privilege to serve as the Company's Chair and I am pleased to be stepping down at a point where the Group is in a much stronger position. The transformation delivered over the past 12 months has established a more scalable and efficient operating model, a strong leadership team, and Wynnstay Strategy Genesis provides a clear and compelling roadmap for future growth. I leave confident that the business is well positioned to deliver improved performance and long-term value for shareholders, customers and colleagues alike.

 

Outlook

Wynnstay enters FY26 in a materially strengthened position. The changes implemented over the past year have created a more cohesive and resilient operating model and a more efficient cost base. Trading in the early part of the new financial year has been in line with the Board's expectations and we anticipate further progress as the Group moves into the growth phase of its strategy.

 

While the agricultural sector inevitably faces volatility, the strategic foundations laid this year, combined with a strong balance sheet and engaged colleagues, give the Board confidence in the Group's long-term prospects.

 

 

Steve Ellwood

Chairman

9 February 2026

 

 

CHIEF EXECUTIVE OFFICER'S REPORT

 

Overview

This has been my first full year as Chief Executive and it has been a year of profound change, renewed discipline and meaningful progress for Wynnstay. I have been struck by the strength of the business: the deep agricultural knowledge across our teams, the strong relationships with farmers, and the pride people take in serving our customers and communities. Wynnstay has exceptional potential and we have taken important steps this year to unlock that potential and position the Group for long-term growth.

 

FY25 has also been a year of significant operational challenge and transition. Through Project Genesis, we set out to reshape the foundations of the business by simplifying our structures, removing inefficiencies, strengthening commercial execution, and creating a more integrated and scalable operating model. It is a credit to colleagues across the Group that the first year of Project Genesis has delivered such strong early results, both operationally and financially, while also making the business more resilient and better aligned behind a shared purpose.

 

At the same time, we entered the year conscious of the need to address longstanding issues in certain parts of the business, modernise our approach, and invest with greater clarity and discipline. Those themes have shaped much of the work during the year and will continue as we transition Project Genesis into Wynnstay Strategy Genesis, our new five-year plan centred on growth, improved returns and stronger market positions.

 

A critical enabler of this progress has been the transformation of the Executive and senior leadership team. Over the past year, the Executive Committee has been materially reshaped and strengthened, aligning leadership capability more closely with our integrated operating model and long-term ambitions. This refreshed team brings deeper functional expertise, clearer accountability and stronger operational focus, making it well positioned to lead the next phase of Wynnstay's development.

 

Before turning to trading performance, I want to acknowledge the most difficult event of the year.

 

Health and Safety

On 6 January 2025, one of our colleagues tragically lost his life in an incident at our Llansantffraid site. The loss has had a profound effect on his family, friends and our colleagues across the Group. Our thoughts remain with them.

 

The HSE investigation remains ongoing and we continue to fully support the authorities in their enquiries. Since the start of the year, we have taken significant steps to strengthen health and safety across the Group, including enhanced governance, greater investment in site standards, increased training and leadership development, and a renewed focus on identifying and addressing risk. Safety remains our highest priority and will continue to shape our operational agenda.

 

Project Genesis: First Year Progress

Project Genesis was launched as a three year plan to address structural inefficiencies and to build a modern, disciplined and coherent platform for the Group. It has been a substantial change programme, and this year represents its first full phase of delivery.

 

The programme has reorganised our divisional and functional structures, simplified management layers, and created clearer accountability. We have integrated Youngs Animal Feeds into the core feed operations, consolidated all trading activity under the unified GrainLink banner, and completed a thorough review of manufacturing and warehousing assets, which led to the closure of the Glasson Dock and Standon Mill sites. These were difficult but necessary decisions, designed to align the business to the operating model we need for the future.

 

Commercially, we have embedded much greater discipline in pricing, contract management, procurement and trading, supported by better visibility and improved internal processes. The behavioural changes across the organisation have been particularly notable; colleagues have embraced a more unified, efficient and accountable way of working.

 

The operational and financial benefits have been clear in this year's results and they provide a strong springboard for the future.

 

Wynnstay Strategy Genesis: From Stabilisation to Growth

Project Genesis was introduced to stabilise and streamline the Group's operations. Following successful completion of the first phase of the project and with a solid operating platform now in place, the Group has embarked on a new five year plan, Wynnstay Strategy Genesis, designed to drive sustainable growth.

 

The strategy prioritises targeted investment to expand capacity, the development of stronger customer propositions, deeper engagement in core markets and disciplined capital deployment. While Project Genesis will remain active through to its completion in 2027, Wynnstay Strategy Genesis establishes the principal framework for the next phase of the Group's strategic and financial progress.

 

A central element of our strategy is investment in manufacturing capability. At Carmarthen, the expansion project will increase feed production capacity by more than 20,000 tonnes (14%), improving efficiency and enabling us to serve customers more effectively. At Avonmouth, the commissioning of our new state-of-the-art fertiliser blending plant represents one of the most important operational milestones for the Group in recent years. The facility strengthens and expands our presence in South Wales and the South West, and supports the continued growth of our Glasson Fertilisers brand.

 

We are also placing increased emphasis on commercial excellence. A key component is our share-of-wallet initiative, which seeks to grow our presence with existing customers by improving cross-selling, strengthening our service offering and, consequently, deepening customer relationships. There is significant headroom in our core regions and we expect this initiative to be a meaningful source of growth in the years ahead.

 

Our five-year strategy is underpinned by a clear ambition to expand capacity across our core manufacturing and processing activities. Over the life of the plan, Wynnstay is targeting the addition of approximately 160,000 tonnes of incremental production capacity across feed milling, fertiliser blending and seed processing. This growth will be phased and aligned with market demand but reflects our confidence in the underlying strength of our customer base and the opportunities within our chosen markets.

 

The Board has approved plans to invest in additional blending and packing capacity at our Condover site in Shropshire, supporting growth across blended feed product categories and creating compound feed production capacity at our feed mill in Llansantffraid. Our Arable business continues to represent a key strategic opportunity for the Group. Building on our recent investment in Avonmouth within the fertiliser business, we are actively evaluating further initiatives to support growth, improve capacity and strengthen our market position.

 

Together with continued development at Carmarthen and Avonmouth, these initiatives form a coherent, Group-wide approach to increasing capacity and are designed to improve service levels, enhance efficiency and provide the headroom required to support sustained growth, underpinning our medium-term ambition for the next five years.

 

Segmental Performance

Feed & Grain

Feed & Grain manufactures compound and blended feeds for dairy, beef, sheep and poultry enterprises, supplies feed raw materials, and delivers its crop trading and combinable crop marketing services through the unified GrainLink platform. The consolidation of all trading activities under GrainLink has created a single, scaled commercial team with enhanced capability, broader geographic reach and improved customer access across Great Britain. The division has a well-established presence in its core regions and remains central to Wynnstay's long-term growth ambitions.

 

The segment delivered an improved underlying performance this year, with adjusted profit before tax of £1.3m well ahead of FY24 (£0.7m). Overall manufactured feed volumes declined by 6.5%, driven principally by the planned transition away from poultry production at Twyford, while raw material trading volumes were modestly lower following the poor UK harvest. Against these volume pressures, margins strengthened meaningfully, supported by enhanced commercial discipline, tighter cost control and clearer product-level management. Importantly, the full consolidation of trading activities under the unified GrainLink model enhanced execution, improved customer communication and strengthened Wynnstay's position in the market. The ongoing expansion project at Carmarthen continues to progress well and is already improving manufacturing capabilities.

 

Feed & Grain represents one of the Group's strongest long-term growth platforms. The investment underway at Carmarthen will meaningfully increase manufacturing capacity, supporting volume recovery and improving operational leverage in FY26 and beyond. More broadly, the five-year strategy includes further ambition to expand feed milling capacity over time, aligned with customer demand and supported by a more efficient operating model.

 

Strategically, the division is placing greater emphasis on value-add direct sales to farmers, where technical support and nutritional expertise differentiate Wynnstay from competitors and deepen customer relationships. We are also strengthening our technical feed capability to ensure we remain closely aligned with evolving farm requirements and on-farm performance goals. The fully integrated GrainLink structure is already delivering benefits and is expected to support further growth, with a single, scaled trading team and access to new customers and geographies across Great Britain. Overall, Feed & Grain enters the new financial year in a far stronger strategic and operational position.

 

Arable

Arable supplies blended and straight fertiliser, a broad range of agricultural and environmental seed, and operates one of the UK's leading seed processing and distribution facilities. Through the Glasson Fertilisers brand, Wynnstay is the country's second-largest fertiliser blender, offering high-quality, bespoke formulations to farming enterprises across the UK.

 

The segment delivered a strong recovery during the year, with adjusted profit before tax of £2.3m (2024: £1.4m). Blended fertiliser volumes increased by nearly 14%, supported by favourable planting conditions, disciplined purchasing and the successful commissioning of our new Avonmouth facility. Merchanted fertiliser volumes were broadly unchanged year-on-year, while seed performance improved, supported by a strong grass seed season and continued growth in environmental seed mixtures. Gross margin strengthened across the division, driven by improved pricing discipline, operational efficiencies and a more favourable market backdrop.

 

Arable has substantial potential to grow over the next five years. The Avonmouth blending plant, which came online on time and within budget, provides modern, efficient capacity and extends our geographic footprint into South Wales and the South West, two strategically important regions for future expansion. Our short-term plans include targeted investment to expand fertiliser blending capacity in Scotland. Furthermore, the division is strengthening its portfolio of environmental seed and fertiliser solutions, aligned with evolving government schemes and the increasing focus on biodiversity and soil health. Looking ahead, Arable will remain a key driver of growth under Wynnstay Strategy Genesis, with further opportunities expected to arise as market conditions normalise and the full benefits of Avonmouth flow through.

 

Stores

Wynnstay operates 51 stores serving farmers, rural enterprises and local communities across England and Wales. Stores provide a broad range of agricultural supplies, animal health products, farm hardware, clothing, feed, and rural living essentials. The network is complemented by multi-channel routes to market, including a trading desk, direct-to-farm delivery, and a digital platform.

 

Stores delivered a resilient performance this year, with adjusted profit before tax of £5.7m (2024: £5.5m) and transaction levels broadly flat across the network. Despite lingering inflationary pressure in labour, energy and logistics, stores delivered improved gross margins and continued to manage costs tightly. Footfall and customer activity remained broadly stable throughout the year and the Stores network continues to play a central role in our service model and customer engagement.

 

Stores will be an increasingly important component of Wynnstay's growth strategy, both commercially and as a critical interface with our customers and rural communities. While the network delivered a resilient financial performance during the year, FY25 has also been a period of reflection on how the Stores estate should evolve to support long-term growth and improved returns.

 

In the near term, our focus is on ensuring that the Stores estate is efficient, well invested and aligned with customer needs. This includes a comprehensive review of store formats, locations and conditions, with the objective of maintaining a high-quality, well-maintained network that supports strong service levels and cost control.

 

Looking further ahead, we see clear opportunities to expand the Stores network selectively in the right geographies and with the appropriate footprint. We are exploring more flexible store formats, including smaller sites aligned to our core product categories, which can be deployed in growth regions and integrated effectively with our wider commercial and logistics infrastructure.

 

Opportunities for consolidation, targeted expansion and format optimisation are being assessed with a clear focus on capital efficiency, returns and long-term value creation. Any changes will be evaluated in line with the Group's capital allocation framework, ensuring investment is commercially justified and aligned with our broader strategic objectives.

 

We believe that a more focused and optimised Stores estate will strengthen customer engagement, improve capital efficiency and enhance the Group's ability to grow share of wallet with existing customers, while continuing to play a vital role in the rural communities we serve.

 

Joint Ventures

Our joint ventures, Bibby Agriculture and Wyro Developments, continue to contribute to the Group's results. Bibby Agriculture delivered a strong performance, supported by robust sales volumes and firm margins. Higher milk prices and sustained strength in red meat markets underpinned feed demand across the dairy and cattle sectors, driving improved profitability. Wyro Developments remained a stable part of our joint venture portfolio during the year and we continue to maintain our close working relationships across these long-standing partnerships.

 

Outlook

We enter FY26 with clearer strategic direction, stronger operational capability and a more disciplined, integrated business. The early benefits of Project Genesis are evident and our five-year Wynnstay Strategy Genesis programme provides a strong, credible pathway for growth.

 

Trading at the start of the new financial year is in line with the Board's expectations, and while agriculture will always face inherent volatility, Wynnstay is now far better positioned to respond and to capture opportunities in the market. Farmgate prices for red meat and free-range eggs remain robust, supporting confidence across those sectors. Milk prices have eased, particularly since the year end. As a diversified supplier operating across multiple agricultural sectors, the Group is well positioned to mitigate short-term price volatility through its broad customer base, balanced product mix and flexible operating model.

 

I would like to thank all colleagues for their exceptional contribution during a year of significant change. Their commitment, energy and professionalism have been critical to our progress. I would also like to record my sincere thanks to the Wynnstay plc Board, and in particular to our Chair, Steve Ellwood. Steve has provided strong and steady leadership during a period of significant change, guiding the Board with clarity, integrity and calm determination. His support has been instrumental in shaping the evolution of our strategy and in enabling the progress achieved over the past twelve months.

 

I am equally grateful for the continued support of our farming customers, local communities and shareholders. The past year has reinforced the importance of clear communication and transparency with all our stakeholders and this remains central to how we lead and develop the Group. I am confident that together we will build a stronger, more ambitious Wynnstay in the years ahead.

 

 

Alk Brand

Chief Executive Officer

9 February 2026

 

 

FINANCIAL REVIEW

 

Group Results

 

£'000s unless stated	2025	2024
Revenue	583,436	613,053
Gross Profit	80,535	79,209
Adjusted operating profit	9,199	7,926
Adjusted profit before tax	9,246	7,616
Profit before tax	3,492	4,097
Basic EPS	9.88p	12.12p
Net Cash (excluding lease liabilities)	25,718	32,824

 

Group revenue for the year was £583.4m (2024: £613.1m). The reduction primarily driven by lower manufactured feed volumes, reduced traded feed raw material activity and lower grain prices, following another weak UK harvest. These factors were partly offset by improved pricing and mix across the Group. Despite the lower revenue, gross profit increased to £80.5m (2024: £79.2m), supported by stronger commercial execution, early operational benefits and margin management.

 

Adjusted operating profit increased to £9.2m (2024: £7.9m), with adjusted profit before tax rising to £9.2m (2024: £7.6m). These improvements demonstrate underlying progress across the Group, including enhancements in commercial execution, tighter cost control and the early financial returns of integration activities implemented during the year.

 

Statutory profit before tax was £3.5m (2024: £4.1m) after non-recurring items, derivative fair value movements and amortisation of acquired intangibles. The statutory result is therefore influenced by the planned and one-off nature of transformation delivery costs rather than underlying trading performance.

The Group ended the year with net cash of £25.7m (pre IFRS 16), maintaining a robust liquidity position and a balance sheet that provides resilience and investment capacity.

 

Non-recurring Items

Non-recurring items totalled £5.9m (2024: £2.3m) and relate primarily to the Group-wide operating asset review, the associated integration and rationalisation activities, and the organisational changes required to establish the new operating model.

 

During the year, the Group completed a comprehensive appraisal of its operating asset base to ensure that manufacturing, warehousing and administrative structures align with the new divisional model and long-term strategy. These appraisals were undertaken using the Group's capital allocation hurdle rates, with both cash and non-cash elements evaluated on a returns basis.

 

The closure and integration decisions undertaken as part of this process were therefore investment-led, forming an essential component of establishing a more efficient platform for the next phase of Strategy Genesis. The cash costs associated with these actions are expected to deliver strong savings-based returns as fixed overheads reduce and operational efficiency increases. As the associated working capital is realised through the repurposing or disposal of sites and assets, the Group also anticipates a more efficient balance sheet. The Group does not expect further material restructuring charges in FY26.

 

Mark-to-Market Movements

An unrealised gain of £0.7m (2024: £0.5m loss) was recognised on the revaluation of open wheat futures contracts. These movements arise from IFRS 9 valuation requirements and do not represent the underlying trading performance within the Feed & Grain business.

 

Taxation

The Group recorded a tax charge of £1.2m (2024: £1.3m). The effective rate is impacted by non-deductible items and the allocation of tax incurred by joint ventures. Wynnstay continues to adopt a responsible and transparent approach to tax, maintaining full compliance with UK legislation and its published Tax Strategy.

 

£'000s	2025	2024
Group's tax charge
Taxation	1,206	1,308
Share of tax incurred by joint ventures & associates	206	191
	1,412	1,499
Group pre-tax profit from continuing operations
Profit before taxation from operations	3,492	4,097
Share of tax incurred by joint ventures & associates	206	191
	3,698	4,288
Effective tax rate in Group accounts	34.5%	31.9%
Effective tax rate including joint ventures	38.2%	34.9%

 

 

Earnings Per Share

Basic earnings per share were 9.88p (2024: 12.12p), based on a weighted average number of shares in issue during the year of 23.127m (2024: 23.029m).

 

Balance Sheet

 

£'000s	2025	2024
Tangible & intangible fixed assets	46,259	43,939
Right of use assets	17,491	16,919
Investments in property & joint ventures	5,378	6,107
Net working capital	59,731	54,240
Loans to joint venture	600	600
Net cash (excluding IFRS 16 leases)	25,718	32,824
Lease liabilities	(15,954)	(15,658)
Derivative financial instruments	(141)	(879)
Provisions	(3,244)	(1,199)
Current tax assets	1,666	950
Deferred tax liabilities	(4,749)	(2,994)
Net assets	132,755	134,849

 

The Group's balance sheet remains strong and well capitalised, although net assets reduced modestly to £132.8m (2024: £134.8m). This reduction arises from the maintenance of a progressive dividend during a year of significant change, signalling the Boards confidence in the Groups underlying cash generation and financial position. Working capital increased year-on-year to £59.7m (2024: £54.2m) following the commissioning of the Avonmouth fertiliser blending facility, which increased working capital requirements as the site moved into full operational use during the year, and a planned increase in stock at the year end, ahead of the critical first-quarter winter trading period, following instances of stock shortages in the prior year. Underlying working capital discipline remained strong, supported by improved procurement, stock management and divisional accountability.

 

The Group continues to hold significant liquidity headroom through a combination of net cash and undrawn committed facilities. This provides resilience in the face of market volatility and supports the Group's ability to invest in operational efficiency, strategic capability and targeted growth opportunities.

 

 

Cash Flow and Net Cash

 

£'000s	2025	2024
Operating cash flows*	12,790	13,817
Working capital movement	(5,520)	6,944
Net interest	150	(71)
Tax paid	(192)	(1,556)
Net cash generated from operating activities	7,228	19,134
Net capital expenditure	(5,245)	(1,184)
Cash paid for acquisition of subsidiaries	(42)	(33)
Joint ventures, associates and trusts	1,346	763
Net cash used in investing activities	(3,941)	(454)
Proceeds from issue of share capital	-	583
Purchase of own shares for employee benefit trust	(189)	-
Net movement in bank borrowings	(4,743)	(1,806)
Repayment of capital element of leases	(6,094)	(6,290)
Dividends paid	(4,057)	(3,995)
Net cash used in financing activities	(15,083)	(11,508)
Net (decrease) / increase in cash	(11,796)	7,172
Effects of exchange rate differences	(29)	62
Opening cash balances	38,289	31,055
Closing cash balances	26,464	38,289

*Before movements in working capital and provisions

 

Operating cash generation remained robust, underpinned by strong operating performance and cost control. Net cash at the year-end was £25.7m (2024: £32.8m), with the year-on-year reduction driven by selective investment in operational capacity, the commissioning of new facilities and a planned build-up of working capital ahead of the key winter trading period.

 

The Group's cash conversion continues to be strong, providing resilience and the capacity to invest in manufacturing efficiency, commercial capability and long-term strategic growth.

 

During the year, the Group fully repaid its amortising term loan in line with the scheduled maturity of the facility. This is consistent with the Group's strong liquidity position and approach to balance sheet management.

 

The Group also commenced the purchase of shares through the Employee Benefit Trust to satisfy future obligations under its employee share incentive arrangements. This approach is consistent with the Group's objective of maintaining a tight equity structure and avoiding shareholder dilution, while continuing to support long-term alignment between colleagues and shareholders.

 

 

£'000s	2025	2024
Cash and cash equivalents	26,464	38,289
Bank borrowings	(746)	(5,465)
Net cash (excluding IFRS 16 leases)	25,718	32,824
IFRS 16 leases	(15,954)	(15,658)
Net cash (IFRS basis)	9,764	17,166

 

 

Capital Allocation Framework

The capital allocation framework introduced this year has guided the Group's deployment of capital, ensuring disciplined investment aligned with the long-term objectives of Strategy Genesis. The framework consists of four priorities:

·      Improved efficiency: investing to streamline operations, modernise the operating model and support improved returns across segments.

·      Organic growth: targeted investment in capacity expansion, site modernisation and systems capability to unlock future growth.

·      Disciplined acquisitions: selective assessment of opportunities that align with strategic priorities and meet strict financial criteria.

·      Shareholder returns: the Board remains committed to a sustainable, progressive dividend.

 

Wynnstay's strong cash generation and robust balance sheet provide the financial flexibility required to deliver this framework.

 

Fixed Asset Investment

Capital expenditure increased year-on-year as the Group continued to invest in modernising and strengthening its operational base. Consistent with the priorities set out under Project Genesis and the early phase of Strategy Genesis, investment was directed towards increasing manufacturing capacity and enhancing operational resilience. This included further development at our Carmarthen feed mill and continued infrastructure investment at our Tamar site in Cornwall, both of which are important contributors to the Group's long-term growth ambitions.

 

Alongside this capacity-led investment, we also advanced a number of initiatives to strengthen health and safety systems and site standards across the network, demonstrating the Board's ongoing commitment to governance and safe working practices. Together, these investments support improved efficiency, create headroom for future growth and underpin the Group's strategic objectives.

 

Return on Capital

Return on Net Assets (RONA) improved year-on-year across each division, reflecting early benefits from improved margin control, operational efficiency and the initial impact of Genesis integration activities. While these are early days, and the full financial benefits of Genesis will materialise progressively over the coming years, the positive direction of travel is encouraging.

 

	2025	2024
Feed & Grain	2.5%	1.5%
Arable	7.0%	4.9%
Stores	11.7%	9.3%
Group	7.0%	5.6%

 

Summary

FY25 represents a year of clear underlying improvement and focused operational delivery. Adjusted profitability increased, margins strengthened across the Group, and the operational changes implemented during the year are beginning to demonstrate their financial impact. With a strong balance sheet, a disciplined capital allocation framework and clear investment priorities under Strategy Genesis, the Group is well positioned to make further progress in FY26.

 

 

Rob Thomas

Chief Financial Officer

9 February 2026

 

 

WYNNSTAY GROUP PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 October 2025

 

			2025		2024
		Note	£'000		£'000
Revenue			583,436			613,053
Cost of Sales			(502,901)			(533,844)
Gross Profit			80,535			79,209
Manufacturing, distribution and selling costs			(60,830)			(59,809)
Administrative expenses			(10,857)			(11,925)
Other operating income			351			451
Adjusted operating profit1			9,199			7,926
Amortisation of acquired intangible assets and share-based payment expense		3	(353)			(543)
Gain / (loss) on mark to market of derivatives			686			(473)
Non-recurring items		3	(5,881)			(2,312)
Operating Profit			3,651			4,598
Interest Income		4	306			497
Interest Expense		4	(1,082)			(1,572)
Share of profits in joint ventures using the equity method			823			765
Adjusted profit before taxation2			9,246			7,616
Intangible amortisation and share based payments		3	(353)			(543)
Gain / (loss) on mark to market of derivatives			686			(473)
Share of tax incurred by joint venture			(206)			(191)
Non-recurring items		3	(5,881)			(2,312)
Profit before taxation			3,492			4,097
Taxation		5	(1,206)			(1,308)
Profit for the year			2,286			2,789
Other Comprehensive (Expense) / Income
Items that will be reclassified subsequently to profit or loss:
- Net change in the fair value of cashflow hedges taken to equity (net of tax)			(29)			27
- Recycled cashflow hedge taken to income statement			20			(95)
			(9)			(68)
Total comprehensive earnings for the period			2,277			2,721
Basic earnings per share			9.88p			12.12p
Diluted earnings per share			9.59p			11.75p
1Adjusted operating profit excludes amortisation of acquired intangibles, share based payment expenses, gains / (losses) on mark to market of derivatives and non-recurring items. 2Adjusted profit before taxation excludes amortisation of acquired intangibles, share based payment expenses, gains / (losses) on mark to market of derivatives, non-recurring items and the share of tax incurred by joint ventures.
WYNNSTAY GROUP PLC CONSOLIDATED BALANCE SHEET As at 31 October 2025
	Note		2025	2024
NON-CURRENT ASSETS
Goodwill			15,530	15,530
Intangible assets			4,514	4,727
Investment property			1,850	1,850
Property, plant and equipment			24,949	22,416
Right-of-use assets			17,491	16,919
Investments accounted for using equity method			3,528	4,257
Derivative financial instruments			-	10
			67,862	65,709
CURRENT ASSETS
Assets held for sale			1,266	1,266
Inventories			47,454	43,328
Trade and other receivables			75,094	70,418
Financial assets - loan to joint ventures			600	600
Cash and cash equivalents	9		26,464	38,289
Current tax asset			1,666	950
Derivative financial instruments			45	52
			152,589	154,903
TOTAL ASSETS			220,451	220,612
CURRENT LIABILITIES
Financial liabilities - borrowings	9		(746)	(2,619)
Lease liabilities	9		(2,875)	(4,399)
Trade and other payables			(62,811)	(59,499)
Provisions			(3,244)	(1,199)
Derivative financial instruments			(25)	(940)
			(69,701)	(68,656)
NET CURRENT ASSETS			82,888	86,247
NON-CURRENT LIABILITIES
Financial liabilities - borrowings	9		-	(2,846)
Lease liabilities	9		(13,079)	(11,259)
Trade and other payables			(6)	(7)
Derivative financial instruments			(161)	(1)
Deferred tax liabilities			(4,749)	(2,994)
			(17,995)	(17,107)
TOTAL LIABILITIES			(87,696)	(85,763)
NET ASSETS			132,755	134,849
EQUITY
Share capital			5,782	5,782
Share premium			44,022	44,022
Share based payments			569	506
Cash flow hedge reserve			26	35
Other reserves			1,115	1,492
Retained earnings			81,241	83,012
TOTAL EQUITY			132,755	134,849

 

 

WYNNSTAY GROUP PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

As at 31 October 2025

	Share capital	Share premium	Share based payment	Cashflow hedge reserves	Other reserves	Retained earnings	Total
Group	£000	£000	£000	£000	£000	£000	£000
At 1 November 2023	5,739	43,482	1,287	103	1,516	83,103	135,230
Profit for the year	-	-	-	-	-	2,789	2,789
Net change in the fair value of cashflow hedges taken to equity, net of tax	-	-	-	27	-	-	27
Recycle cashflow hedge to income statement	-	-	-	(95)	-	-	(95)
Total comprehensive income	-	-	-	(68)	-	2,789	2,721
Transactions with owners
Share based payment	-	-	309	-	-	-	309
Exercise, lapse or forfeit of share-based payments (restated*)	-	-	(1,090)	-	-	1,090	-
Shares issued in the year	43	540	-	-	-	-	583
Dividends	-	-	-	-	-	(3,995)	(3,995)
Transfer	-	-	-	-	(24)	24	-
	43	540	(781)	-	(24)	(2,881)	(3,103)
At 31 October 2024	5,782	44,022	506	35	1,492	83,012	134,849
Profit for the year	-	-	-	-	-	2,286	2,286
Net change in the fair value of cashflow hedges taken to equity, net of tax	-	-	-	(29)	-	-	(29)
Recycle cashflow hedge to income statement	-	-	-	20	-	-	20
Total comprehensive income	-	-	-	(9)	-	2,286	2,277
Transactions with owners
Share based payment	-	-	63	-	-		63
Exercise, lapse or forfeit of share-based payments	-	-	-	-	-	-	-
Purchase of own shares for employee benefit trust	-	-	-	-	(377)	-	(377)
Dividends	-	-	-	-	-	(4,057)	(4,057)
	-	-	63	-	(377)	(4,057)	(4,371)
At 31 October 2025	5,782	44,022	569	26	1,115	81,241	132,755

 

 

WYNNSTAY GROUP PLC

CONSOLIDATED CASH FLOW STATEMENT

For the year ended 31 October 2025

		2025	2024
	Note	£000	£000
Cash flows from operating activities
Cash generated from operations	10	7,270	20,761
Interest received - cash		306	497
Interest paid - cash		(156)	(568)
Tax paid		(192)	(1,556)
Net cash generated from operating activities		7,228	19,134
Cash flows from investing activities
Proceeds from sale of property, plant and equipment		577	990
Purchase of property, plant and equipment		(5,822)	(2,174)
Acquisition of subsidiary undertaking, net of cash acquired		(42)	(33)
Receipt of repayment of short-term loans to joint ventures		-	39
Disposal of investments		81	123
Dividends received from joint ventures and associates		1,265	601
Net cash used by investing activities		(3,941)	(454)
Cash flows from financing activities
Net proceeds from the issue of ordinary share capital		-	583
Proceeds from new loans		-	92
Purchase of own shares for employee benefit trust		(189)	-
Lease repayments		(6,094)	(6,291)
Repayment of borrowings		(4,743)	(1,897)
Dividends paid to shareholders	6	(4,057)	(3,995)
Net cash used in financing activities		(15,083)	(11,508)
Net (decrease) / increase in cash and cash equivalents		(11,796)	7,172
Effects of exchange rate changes		(29)	62
Cash and cash equivalents at the beginning of the period	9	38,289	31,055
Cash and cash equivalents at the end of the period	9	26,464	38,289

 

 

WYNNSTAY GROUP PLC

NOTES TO THE ACCOUNTS

 

1.  GENERAL INFORMATION AND MATERIAL ACCOUNTING POLICIES

 

The Company has taken advantage of the exemption under section 408 of the Companies Act 2006 not to present its individual income statement and related notes.

 

Basis of Preparation

The Group's financial statements have been prepared in accordance with UK-adopted International Accounting Standards and applicable law. The financial statements have been prepared under the historical cost convention, except for share-based payment arrangements which are measured at fair value, and certain financial instruments which are measured in accordance with the relevant accounting policies.

 

The preparation of financial statements in accordance with UK-adopted International Accounting Standards requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and the reported results for the period. Actual outcomes may differ from those estimates.

 

Going Concern

In assessing whether the going concern basis of accounting is appropriate, the Directors have reviewed the Group's forecasts, budgets and principal risks and uncertainties. Detailed cash flow projections have been prepared and assessed against available funding facilities.

 

At 31 October 2025, the Group had net cash (including IFRS 16 lease liabilities) of £9.75m, together with a £10.0m revolving credit facility, committed to February 2027, and £10.5m of unused overdraft facilities with HSBC Bank UK plc. The revolving credit facility was undrawn at the year end.

 

Based on this assessment, the Directors have a reasonable expectation that the Group has adequate financial resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

 

Alternative performance measures

The Group uses alternative performance measures ("APMs"), including Adjusted Operating Profit and Adjusted Profit Before Tax, to provide additional insight into the underlying performance of the business. These measures are used internally by management to assess performance and are presented to assist users of the financial statements in understanding the Group's financial performance. Reconciliations to the closest IFRS measures are provided.

 

Adjusted Operating Profit represents statutory operating profit before non-recurring items, amortisation of acquired intangible assets, share-based payment expenses and fair value movements on derivative financial instruments. Adjusted Profit Before Tax is statutory profit before taxation adjusted on the same basis, together with the share of tax incurred by joint ventures.

 

Non-recurring items

Non-recurring items comprise material items of income or expense which, due to their nature or scale, are not considered to be part of the Group's underlying trading performance. In the current year, such items primarily relate to restructuring and integration activities undertaken as part of the Group's transformation programme. These items are presented separately to provide a clearer view of the Group's underlying performance.

 

 

2.  SEGMENTAL REPORTING

 

IFRS 8 requires operating segments to be identified on the basis of internal financial information about the components of the Group that are regularly reviewed by the chief operating decision maker ("CODM") to allocate resources to the segments and to assess their performance. The chief operating decision maker has been identified as the Board of Directors ("the Board"). The Board reviews the Group's internal reporting in order to assess performance and allocate resources. The Board has determined that the operating segments, based on these reports are Feed and Grain, Arable and Stores.

 

Feed and Grain - Feed & Grain manufactures compound and blended feeds for dairy, beef, sheep and poultry enterprises, supplies feed raw materials and delivers its crop trading and combinable crop marketing services through the unified GrainLink platform. The consolidation of all trading activities under GrainLink has created a single, scaled commercial team with enhanced capability, broader geographic reach and improved customer access across Great Britain. The division has a well-established presence in its core regions and remains central to Wynnstay's long-term growth ambitions.

 

Arable - Arable supplies blended and straight fertiliser, a broad range of agricultural and environmental seed, and operates one of the UK's leading seed processing and distribution facilities. Through the Glasson Fertilisers brand, Wynnstay is the country's second-largest fertiliser blender, offering high-quality, bespoke formulations to farming enterprises across the UK.

 

Stores - Wynnstay operates 51 stores serving farmers, rural enterprises and local communities across England and Wales. Stores provide a broad range of agricultural supplies, animal health products, farm hardware, clothing, feed, and rural living essentials. The network is complemented by multi-channel routes to market, including a trading desk, direct-to-farm delivery, and a digital platform.

 

The Board assesses the performance of the operating segments based on a measure of profit before tax (Adjusted Profit Before Tax). Other information provided to the Board is measured in a manner consistent with that in the financial statements.

 

 

 

	Feed & Grain	Arable	Stores	Total
Year ended 31 October 2025:	£000	£000	£000	£000
Revenue	314,704	125,637	143,095	583,436
Gross Profit	30,282	13,485	36,768	80,535
Result
Adjusted Operating Profit	518	2,404	6,277	9,199
Amortisation of acquired intangible assets and share-based payment expense	(252)	(12)	(89)	(353)
Unrealised derivative losses	686	-	-	686
Non-recurring items	(4,579)	(140)	(1,162)	(5,881)
Operating Profit	(3,627)	2,252	5,026	3,651
Adjusted Profit before taxation	1,267	2,273	5,706	9,246
Amortisation of acquired intangible assets and share-based payment expense	(252)	(12)	(89)	(353)
Unrealised derivative losses	686	-	-	686
Share of tax incurred by joint ventures and associates	(206)	-	-	(206)
Non-recurring items	(4,579)	(140)	(1,162)	(5,881)
Profit before taxation	(3,084)	2,121	4,455	3,492
Income tax expense	1,065	(732)	(1,539)	(1,206)
Profit for the year	(2,019)	1,389	2,916	2,286
Other information
Depreciation and amortisation	(2,721)	(746)	(2,757)	(6,224)
Property, plant and equipment additions	4,948	3,557	2,862	11,367
Balance Sheet
Segment assets	87,834	59,181	73,436	220,451
Segment liabilities	(36,648)	(26,522)	(24,526)	(87,696)
Net assets	51,186	32,659	48,910	132,755
Included in segment assets above are the following investments in joint ventures and associates	3,521	-	-	3,521

 

 

	Feed & Grain	Arable	Stores	Total
Year ended 31 October 2024:	£000	£000	£000	£000
Revenue	353,264	119,705	140,084	613,053
Gross Profit	33,200	11,402	34,607	79,209
Result
Adjusted Operating Profit	157	1,629	6,140	7,926
Amortisation of acquired intangible assets and share-based payment expense	(142)	(90)	(311)	(543)
Unrealised derivative losses	(473)	-	-	(473)
Non-recurring items	(2,087)	-	(225)	(2,312)
Operating Profit	(2,545)	1,539	5,604	4,598
Adjusted Profit before taxation	682	1,410	5,524	7,616
Amortisation of acquired intangible assets and share-based payment expense	(142)	(90)	(311)	(543)
Unrealised derivative losses	(473)	-	-	(473)
Share of tax incurred by joint ventures and associates	(191)	-	-	(191)
Non-recurring items	(2,087)	-	(225)	(2,312)
Profit before taxation	(2,211)	1,320	4,988	4,097
Income tax expense	706	(421)	(1,593)	(1,308)
Profit for the year	(1,505)	899	3,395	2,789
Other information
Depreciation and amortisation	(1,728)	(1,169)	(2,110)	(5,007)
Property, plant and equipment additions	4,582	457	2,878	7,917
Balance Sheet
Segment assets	90,272	43,692	86,648	220,612
Segment liabilities	(43,578)	(14,898)	(27,287)	(85,763)
Net assets	46,694	28,794	59,361	134,849
Included in segment assets above are the following investments in joint ventures and associates	4,169	-	-	4,169

 

 

3.  AMORTISATION OF ACQUIRED INTANGIBLE ASSETS, SHARE-BASED PAYMENTS AND NON-RECURRING ITEMS

 

	2025	2024
	£000	£000
Amortisation of acquired intangibles and share based payment
Amortisation of acquired intangibles	218	234
Share based payments	63	309
Share-based payment charge arising on transfer of shares between employee benefit trusts	72	-
	353	543
Non-recurring items
Business reorganisation expenses	1,744	1,268
Closure of manufacturing operations	4,137	-
Environmental expenses	-	202
Loss on disposal of joint venture	-	23
Impairment of Asset held for Sale	-	819
	5,881	2,312

 

In the year ended 31 October 2025, the Group incurred non-recurring items totalling £5,881,000 (2024: £2,312,000). These costs are considered material, non-recurring, and outside the normal course of the Group's operations. They have been classified separately to provide stakeholders with a clear understanding of the Group's underlying financial performance.

 

Business reorganisation expenses

These costs primarily relate to Board and leadership changes and the restructuring of manufacturing operations.

 

Closure of manufacturing operations

Following the consolidation of the Group's feed raw material trading operations under the GrainLink platform, and the integration of Youngs Animal Feeds and Glasson Grain's specialist feed manufacturing into the wider Wynnstay business, the Group has closed its manufacturing and warehousing operations at Glasson Dock (Lancashire) and Standon (Staffordshire). The associated costs were incurred as part of these closures.

 

Environmental expenses

These costs were incurred for the remediation of land and safe disposal of contaminated soil.

While the Group has submitted a claim to its insurers, no income or receivable has been recognised in the year as the likelihood of reimbursement is not virtually certain. Should the insurance claim be successful, any recoveries will be recognised as non-recurring income in future periods.

 

Impairment of assets

Impairment of Fixed Assets:

The Group recognised a write-down on the Calne feed mill, arising from the shortfall between its carrying value and the agreed sale price. The asset has been classified as "held for sale" in the balance sheet.

 

Loss on Disposal of Joint Venture:

The Group disposed of its investment in Total Angling Ltd during the year ended 31 October 2024, resulting in a loss on disposal.

 

HSE Investigation

The Group is currently subject to an investigation by the Health and Safety Executive ("HSE") in relation to a fatality at an operating site in January 2025. The Group continues to cooperate fully with the HSE and to assist all relevant authorities with their inquiries. At the date of approval of these financial statements, the investigation remains ongoing and no enforcement action has been concluded. Based on the information currently available, the Directors are unable to reliably estimate either the likelihood or the quantum of any potential financial impact arising from this matter and, accordingly, no provision has been recognised in these financial statements. The position will continue to be monitored and reassessed as further information becomes available.

 

 

4.  FINANCE COSTS

 

	2025	2024
	£000	£000
Interest expense:
Interest payable on borrowings	(156)	(568)
Interest payable on finance leases	(926)	(1,004)
Interest and similar charges payable	(1,082)	(1,572)
Interest income from banks deposits	298	478
Interest income from customers	8	19
Interest receivable	306	497
Net Finance Costs	(776)	(1,075)

 

 

5.  TAXATION

	2025	2024
	£000	£000
Current tax
Operating activities	(29)	430
Adjustments in respect of prior years	(578)	73
	(607)	503
Deferred tax
Movement in deferred tax	899	805
Adjustments to prior year	914	-
	1,813	805
Tax on profit on ordinary activities	1,206	1,308

 

 

6.  DIVIDENDS

 

	2025	2024
	£000	£000
Final dividend paid for prior year	2,745	2,702
Interim dividend paid for current year	1,312	1,293
	4,057	3,995

 

Subsequent to the year end it has been recommended that a final dividend of 12.10p per ordinary share (2024: 11.90p) be paid on 30 April 2026. Together with the interim dividend already paid on 31 October 2025 of 5.70p net per ordinary share (2024: 5.60p) this will result in a total dividend for the financial year of 17.80p net per ordinary share (2024: 17.50p).

 

 

7.  EARNINGS PER SHARE

 

	Basic earnings per share		Diluted earnings per share
	2025	2024	2025	2024
Earnings attributable to shareholders (£000)	2,286	2,789	2,286	2,789
Weighted average number of shares in issue during the year (number '000)	23,127	23,029	23,833	23,736
Earnings per ordinary 25p share (pence)	9.88	12.12	9.59	11.75

 

Basic earnings per 25p ordinary share is calculated by dividing profit for the year from continuing operations attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year.

 

For diluted earnings per share, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares (share options) taking into account their exercise price in comparison with the actual average share price during the year.

 

 

8.  SHARE CAPITAL

 

	2025		2024
	No. of shares 000	Nominal Value £000	No. of shares 000	Nominal Value £000
Authorised
Ordinary shares of 25p each	40,000	10,000	40,000	10,000
Allotted, called up and fully paid
Ordinary shares of 25p each	23,128	5,782	23,128	5,782

 

No shares have been issued during the year. In the prior year 140,780 shares with a nominal value of £35,000 were issued with an equivalent cash value of £487,000 to shareholders exercising their rights to receive dividends und the Company's dividend scrip scheme. In addition, a further 31,487 shares with a nominal value of £8,000 were issued for a total cash consideration of £96,000 to employees exercising rights over approved share options.

 

 

9.  CASH AND CASH EQUIVALENTS, BORROWINGS AND LEASE LIABILITIES

 

	2025	2024
	£000	£000
Current
Cash and cash equivalents	26,464	38,289
Bank loans and overdrafts due within one year or on demand:
Secured loans	-	(1,897)
Loan stock (unsecured)	(746)	(722)
Financial liabilities - borrowings	(746)	(2,619)
Net obligations under finance leases:
Non-property leases	(926)	(2,450)
Property leases	(1,949)	(1,949)
	(2,875)	(4,399)
Total current net cash and lease liabilities	22,843	31,271
Non-current
Bank loans: Secured	-	(2,846)
Financial liabilities - borrowings	-	(2,846)
Net obligations under leases:
Non-property leases	(4,166)	(3,179)
Property leases	(8,913)	(8,080)
	(13,079)	(11,259)
Total non-current net debt and lease liabilities	(13,079)	(14,105)
Total net cash and lease liabilities	9,764	17,166

 

Cash and cash equivalents

Cash and cash equivalents are all non-restricted balances and are all cash at bank and held with HSBC UK Bank Plc, except for £981,000 (2024: £2,771,000) which is held at International FC Stones for wheat futures hedging purposes. HSBC UK Bank Plc's credit rating per Moody's for long-term deposits is Aa3 (2024: Aa3). £938,000 of the cash and cash equivalent balances are denominated in foreign currencies, EUR (90%) and USD (10%) (2024: £690,000, in EUR (53%) and USD (47%)). All other amounts are denominated in GBP and are at fair value.

 

Borrowings

Bank loans and overdrafts are secured by an unlimited composite guarantee of all the trading entities within the Group. Loan stock is redeemable at par at the option of the Company or the holder. Interest of 4.0% (2024: 5.0%) per annum is payable to the holders.

 

 

10.  CASH GENERATED FROM OPERATIONS

 

	2025	2024
	£000	£000
Profits for the year from operations	2,286	2,789
Adjustments for:
Tax	1,206	1,308
Depreciation of tangible fixed assets	2,113	2,276
Amortisation of right-of-use assets	4,600	3,825
Amortisation of other intangible fixed assets	218	234
(Profit) on disposal of property, plant and equipment	563	(236)
Loss on disposal on joint venture	-	23
Impairment of fixed asset	-	819
Derivative held at fair value	(549)	347
Hedge ineffectiveness	15	77
Government grant	(2)	(2)
Net movement in provisions	2,045	1,199
Interest on lease liabilities	926	1,004
Net Interest expense	(150)	71
Share of post-tax results of joint ventures	(617)	(574)
Share-based payments	63	309
Share-based payment charge arising on transfer of shares between employee benefit trusts	73	-
Changes in working capital (excluding effects of acquisitions and disposals of subsidiaries):
Decrease in inventories	(4,127)	12,128
Decrease in trade and other receivables	(4,705)	10,363
(Decrease) in payables	3,312	(15,199)
Cash generated from operations	7,270	20,761

 

 

11.  RESPONSIBILTY STATEMENT

 

The Directors listed below confirm that, to the best of their knowledge:

·      the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the Group taken as a whole; and

·      the management review includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.

 

S J Ellwood

S D Esom

A Brand

R J Thomas

C A Bradshaw

D A Christensen (appointed 1 April 2025)

C M Smith (appointed 1 April 2025)

 

 

12.  CONTENT OF THIS REPORT

 

The information contained in this announcement has been extracted from the Group's audited statutory financial statements for the year ended 31 October 2025. This announcement does not constitute statutory financial statements within the meaning of section 435 of the Companies Act 2006.

 

Statutory accounts for the year ended 31 October 2025 have been delivered to the Registrar of Companies. The auditor, Crowe U.K. LLP, reported on those accounts and their report was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

 

The statutory accounts for the year ended 31 October 2025 will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The auditor, Crowe U.K. LLP, has reported on those accounts and their report is unqualified, does not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and does not contain a statement under section 498(2) or (3) of the Companies Act 2006.

 

The Annual Report and Financial Statements for the year ended 31 October 2025 will be available to shareholders during February 2026 and will be available on the Company's website at https://www.wynnstayplc.co.uk/investor-relations/results-reports-presentations. Copies may also be obtained, free of charge, from the Company's registered office at Eagle House, Llansantffraid, Powys, SY22 6AQ.

 

 

13.  ANNUAL GENERAL MEETING

 

The Annual General Meeting of the Company will be held on Tuesday 24 March 2026 at 11.45am at Shrewsbury Town Football Club, Croud Meadow, Oteley Road, Shrewsbury, West Midlands SY2 6ST.  Further details will be published on the Company's website https://www.wynnstayplc.co.uk.