Revenue for 2022 almost doubles for Powys-based firm Wynnstay

Agricultural supply group Wynnstay has reported record financial results for 2022, with revenue almost doubling compared to the year before.

Revenue for the Powys-based firm was up 42% to £713.03m (2021: £500.39m), primarily due to the impact of commodity inflation.

Reported pre-tax profit increased by 92% to £21.12m (2021: £10.99m), according to the company's financial results.

The total dividend for the year rose 9.7% to 17.00p, marking the 19th consecutive year of dividend increases.

Wynnstay said the record results reflected a strong trading performance and substantial one-off gains arising from macroeconomic events.

Gareth Davies, chief executive, said the results were 'exceptional' as they 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."

Mr Davies said the company also made excellent progress with strategic growth plans, including the acquisition of poultry feed manufacturer Humphrey.

"[This] 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."

He concluded: "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."