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):
- 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):
- 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):
- 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