Wynnstay said underlying profits for the year to October 31 are set to come in modestly ahead of market expectations, as the agricultural supplies group begins to reap early benefits from a sweeping operational overhaul.
The board now expects adjusted pre-tax profit of about £9mn, underpinned by the initial impact of Project Genesis, a group-wide efficiency and margin improvement programme launched last year. Management said tighter pricing discipline, improved commercial focus and cost control were beginning to gain traction, with behavioural changes “embedding a more disciplined operating model”.
The Feed & Grain division delivered higher year-on-year profitability despite lower feed volumes, reflecting reduced poultry activity previously signalled at the interim stage. Margins and cost controls offset the volume decline, while further savings were achieved following the closure of the Twyford mill. An expansion at Carmarthen, adding 20,000 tonnes of capacity, is nearing completion. Grain trading, however, was constrained by a weak domestic wheat harvest and persistently low prices.
Profits in the Arable segment rose, driven by higher blended fertiliser volumes under the Glasson brand following the opening of the new Avonmouth blending facility. Management said sharp purchasing discipline and pricing controls lifted margins, while seed sales benefited from a strong autumn grass season.
In the retail Stores division, like-for-like sales were broadly flat, but net margins improved as pricing actions offset inflation and operating costs were tightly managed.
The group ended the year with net cash of £26.4mn on a pre-IFRS 16 basis, down from £32.8mn a year earlier, providing what it described as headroom for further investment under Project Genesis.
The design phase of the transformation programme has now been completed alongside a group-wide asset review. As part of this, manufacturing and warehousing operations at Glasson Dock and Standon Mill have been closed, with trading consolidated under the GrainLink platform.
These actions are expected to give rise to one-off costs of £5.4mn–£5.9mn, subject to audit, with a net cash impact of £2.0mn–£2.5mn after asset and working capital realisations. The company said it does not expect further material restructuring charges in the year ahead.
An investigation by the Health and Safety Executive following a fatal incident in January 2025 remains ongoing.
Early trading in the new financial year is in line with expectations, the board said, as it continues to focus on margin recovery, cost reduction and operational efficiency.
Commenting on the update, Alk Brand said the group had delivered a “strong performance for the year”, adding that early results from Project Genesis were providing “a solid platform” for further long-term investment and growth.
Audited full-year results will be published on 9 February 2026.
In the video below, Alk Brand outlines Project Genesis, its early impacts and provides a positive outooks for the group. CFO Rob Thomas outlines the key financial highlights from the six month period ending 30 April 2025