A combination of good grain supplies and buoyant demand for animal feed in the second half meant an impressive performance at Wynnstay's (WYN) agricultural division - which significantly explains the group's decent full-year performance.
Farmers were forced to buy feed because the wet summer reduced the quality of silage - accordingly, agricultural revenues rose 8 per cent year-on-year to £295m and this, in turn, led to a 23 per cent jump in divisional operating profit to £4.71m. The retail operation - country and pet stores - didn't grow quite so strongly, but that unit still boosted sales 13 per cent to £80.5m with profits there up a more modest 5 per cent to £3.9m, partly reflecting marketing spend. Although the net debt pile did more than double year-on-year - reflecting higher levels of working capital utilisation from expansion efforts, as well the impact of weather-related changes to some trading patterns.