In Wynnstay’s AGM to be held today, the following statement will be made by Steve Ellwood, Chairman on current trading:

“Group trading over the first four months of the financial year has been in line with the Board’s expectations and is ahead of the same period last year.

“The Group now enters its key spring trading period, which will be important in shaping full year performance. Market conditions remain mixed, with stronger farmgate prices in some sectors, including beef, offset by softer conditions in others, particularly dairy and cereal crops. Global commodity markets have become more volatile since the start of March.

“Strategy Genesis continues to progress in line with our plan, and we are encouraged by the early benefits now evident in both margin improvement and cost reduction across the business.

“Within Feed & Grain, performance is ahead of the prior year. As expected, feed volumes are lower, reflecting the planned exit from poultry production at Twyford and the closure of specialist bird feed operations at Glasson Dock. However, this has been more than offset by improved gross margins and the delivery of cost savings following the restructuring completed last year. The integration of the GrainLink raw material trading operations has resulted in a more efficient, lower cost trading platform, with improved margins and a materially stronger level of profitability year-on-year. The benefits of this integration continue to be realised.

“The Arable division has traded strongly, reflecting a solid first quarter in fertiliser, with higher year-on-year volumes and strong trading from our Avonmouth blending facility, which is performing in line with expectations. The division has also benefitted from the realisation of a long stock position in a rising and volatile market during March, influenced by events in the Middle East. We expect this momentum to continue into April and May as stock positions are worked through. Performance in the second half is also likely to be impacted with, in particular, the challenge of rebuilding stock positions in a rising and uncertain commodity environment. The outturn will depend largely on the duration of the conflict in the Middle East, any disruption to supply routes such as the Strait of Hormuz and broader movements in global commodity pricing.

“Stores have seen softer sales transaction levels compared with the prior year, resulting in performance being behind last year. As part of Strategy Genesis, we are implementing plans to improve store efficiency and margins.

“While there remains a risk of cost inflation, including fuel and other inputs, arising from ongoing geopolitical uncertainty, the Board does not currently expect a material adverse impact on the Group and maintains its full year expectations.

“The Group’s strong balance sheet and cash generation continue to provide resilience, supporting both working capital requirements in a volatile commodity environment and the ongoing investment in capacity and efficiency under Strategy Genesis.

“As previously announced, I will be stepping down as Chairman at the conclusion of today’s AGM, having served on the Board for ten years. It has been a privilege to serve the Company during this time, and I would like to thank my fellow Board members, the executive team and colleagues across the Group for their support and commitment. I am delighted to pass the Chair role over to Steven Esom, whose deep industry experience and strong leadership track record will be hugely beneficial in supporting the Executive team as they deliver on Strategy Genesis.”

In the video below, Alk Brand outlines the early impact of Project Genesis, whilst CFO Rob Thomas outlines the key financial highlights from the 12 month period ending 31 October 2025