Agricultural supplies group Wynnstay has hailed a year of significant progress as a transformation plan delivered improved underlying profitability.
In the first full year of the group’s three-year ‘Project Genesis’ turnaround, adjusted pre-tax profits increased 21.1% to £9.2m thanks to improved margins and benefits from efficiencies.
Profitability improved at the feed & grain division, despite weaker volumes, as cost savings worked through, and at the arable arm.
Wynnstay revenues in the year to 31 October slipped 4.8% to £584.4m on the back of a weak UK harvest and lower grain prices.
“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,” chairman Steve Ellwood said.
“The business enters FY26 in a materially strengthened position, with a robust balance sheet, and a clearer platform for growth under Wynnstay ‘Strategy Genesis’.”
Strategy Genesis is the recently launched five-year growth plan, aiming to build on the progress of Project Genesis.
Ellwood is set to step down from the board after ten years – with five as chairman – at the upcoming March AGM.
Former Waitrose boss Steven Esom will succeed him as chairman.
CEO Alk Brand added: “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.”
He said: “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.”
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