WYNNSTAY GROUP PLC - RECORD FY RESULTS AND WELL-
POSITIONED FOR 2023 Wynnstay Group plc has released full year results for the year ended 31 October 2022. The full announcement can be found online, the highlights are below. • Record results reflect a strong trading performance and substantial one-off gains arising from macroeconomic events • Revenue up 42% to £713.03m (2021: £500.39m), primarily the impact of commodity inflation • Underlying Group PBT (incl. one-off gains) up 98% to £22.61m (2021: £11.44m) • Total dividend up 9.7% to 17p (2021: 15.5p), marking the 19th consecutive year of dividend increases • Agriculture Division – revenue up 57% to £564.26m (2021: £358.96m), segmental profit contribution up 247% to £14.66m (2021: £4.22m) • one-off gains from impact of global events on fertiliser operations, with raw material stock values at Glasson substantially boosted by natural gas prices and constricted supply, and very strong contribution from merchanted fertiliser sales even on lower volumes feed volumes up by 6%, ahead of
•
national market trends • grain marketing activity, GrainLink, traded record volumes total seed sales decreased,
•
reflecting seasonal factors and exit from lower-margin cereal seed sales, but grass seed performance was ahead of national trend
• Specialist Agricultural Merchanting Division – revenue up 5% to £148.77m (2021: £141.43m) segmental profit contribution up 11% to £7.95m (2021: £7.15m) • performance better than expected, boosted by strong bagged feed sales and efficiencies • continued investment in depot network and staff training
• Acquisition strategy has continued to develop – poultry feed provider Humphrey purchased in March 2022 and has integrated well, adding feed manufacturing capacity and growth
opportunities, and Cornish animal feed provider Tamar Milling acquired post-period in November 2022 • Board believes Wynnstay remains well-positioned to attain its growth targets despite the economic headwinds
Gareth Davies, Chief Executive of
Wynnstay Group plc, commented: “These results are exceptional and set record highs across all key financial measures. While global events have driven substantial one- off financial gains that we do not expect to repeat, the Group in any case traded very strongly, helped by strong farmgate prices and growth and efficiency initiatives. “We also made excellent progress with
our strategic growth plans. The Humphrey acquisition has significantly expanded our geographic trading area and added feed manufacturing capacity, creating further growth opportunities. Our recent acquisition in November 2022 of Tamar Milling further extends our trading footprint, and we continue to drive investment in capacity, efficiency, and staff across the Group. “Trading in the new financial year to
date has been in line with expectations. While there are economic headwinds, we remain confident of achieving our growth targets.”
AB AGRI CHOOSES INFOR TO DRIVE DIGITAL STRATEGY FOR
GROWTH Infor®
has announced that AB Agri has
chosen Infor CloudSuite Food & Beverage to digitally transform its global operation. The industry-specific enterprise resource planning (ERP) solution will be delivered as a public cloud deployment powered by Amazon Web Services (AWS). Initially, it will be rolled out to more than 700 users across the UK, Spain, Denmark and Poland, establishing a common ERP platform to support continuous improvements and help fulfil ambitious growth plans. AB Agri was concerned about the
challenges caused by the variety of ageing, highly-customised ERP systems in use across the business’s 11 brands and entities. Ongoing customisations meant that migrations to newer versions of incumbent solutions would be complex and costly, and some systems were soon to be out of support. A complex system landscape was also problematic for updates, support and maintenance, resulting in myriad ways of working and processes. “We found that we were particularly
inefficient with inter-company processes, and there was no easy way to access organisation-wide information to support rapid, robust decision making,” comments Pascal Martel, AB Agri CIO. “We were at
PAGE 56 MARCH/APRIL 2023 FEED COMPOUNDER
the stage where our systems were slow and even unable to adapt to the changing needs of our business and our customers. We realised we weren’t leveraging the full potential of what an ERP solution could do for our business. In short, our systems were preventing the evolution of our organisation.” Having decided to look for a new ERP
solution, AB Agri started an ‘art of the possible’ review, and, as the opportunities unfolded, the scope of the project grew to include multiple businesses. After a comprehensive strategic review, which looked at how a targeted digital journey could resolve specific business pain points, the project team defined the scope of the requirements before embarking on a thorough selection process to determine the optimal solution and supplier to realise AB Agri’s digital vision. Initially, AB Agri approached seven
ERP suppliers, with a shortlist of three going through to the request for proposal (RFP) stage. Two finalists underwent a detailed selection process, scored against defined criteria, which resulted in AB Agri choosing Infor as its digital transformation partner. “Infor’s CloudSuite Food & Beverage
solution meets all of our operational requirements and will address our specific pain points,” Pascal continues. “We’re looking forward to seeing increased efficiencies right across the business, from more effective forecasting and operational planning, through to improved pricing and enhanced visibility, timeliness and accuracy of inventory. The fact that the ERP is cloud- based means we can be confident our solutions will be continuously updated and we’ll benefit from all the other advantages of SaaS, too, including enhanced security and business resilience.” “In Infor, we have found a strategic
partner that will enable us to deploy new tools to meet the challenges of today, but with the comprehensive roadmap to ensure its solutions will evolve, in tandem with us, to meet the challenges of tomorrow, no matter how complex. Ultimately, we’ll have a platform that’s flexible enough to support our growth plans, with the breadth and depth of functionality to achieve our overarching business vision.” “We’re delighted to be partnering
with AB Agri on its long-term digital transformation journey,” comments Anwen Robinson, Infor GM and SVP for UK and Ireland. “Infor’s detailed product roadmap and ongoing commitment to innovation, in combination with our industry-specific ERP solutions, ensure we’re well-placed to work alongside the team at AB Agri to build a solutions platform capable of supporting its continued business growth, helping AB Agri to reaffirm its position as the leader in its field.”
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68
