Wynnstay raises interim divi

17th Jun 2009 13:57

Welsh agricultural products supplier Wynnstay upped its interim dividend by 10% as it reported a rise in half-year profits. Pre-tax profits increased to £3.16m in the six month ended 30 April compared with £2.96m last time, while revenues rose to £117.70m from £116.46m previously.The group's agricultural supplies division generated sales of £92m, marginally down on last year's 94.30m, reflecting a variation in volumes of fertiliser and feed products. Sales at the specialist retailing operations rose by 16% to £25.64m, boosted by a full six month contribution from the Just for Pets superstores business, acquired in January 2008. The interim dividend rose to 2.2p per share from 2p last time."I am pleased with the robust performance of the Group against a background of volatile agricultural commodity prices. This reflects the breadth of Wynnstay's agricultural supplies businesses, which spans the whole marketplace from livestock feeds to seeds and fertiliser," said chief executive Ken Greetham."We anticipate a good outcome for the year and believe that the business is well placed for long term sustainable growth as we pursue our strategy to act as an agricultural consolidator while developing our retailing activities."