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Grain firm’s record profit
A Glasson-based company has reported a rise in revenues, helping its parent company post record profits, despite the economic downturn.
Glasson Grain, a raw material and fertiliser trader is part of the Wynnstay Group.
The group, which acquired Glasson Grain in 2006, reported a nine per cent increase in revenues to £375.78m.
There was an increase of 13 per cent in pre-tax profits to £7.82m for the year ending October 31, 2012.
The agricultural division’s eight per cent rise in revenues was helped by a full year contribution from GrainLink, the group’s grain marketing business, as well as a strong demand for feed during the year.
The specialist retail division also saw a significant growth, with a 13 per cent increase in revenues.
Much of this was credited to the group’s recent geographical expansion through country store acquisitions and new Just for Pets store openings.
Ken Greetham, chief executive, said: “Wynnstay continues to perform well, and pre-tax profits and revenues for the year stand at record levels.
“This pleasing achievement is underpinned by the broad spread of our agricultural activities.
“It reflects both the organic and acquisitive development of the business.
“Over the year, we acquired a number of small agricultural supplies businesses, further expanded our Just for Pets chain and established FertLink, a joint venture fertiliser business.
“These moves will help to support ongoing growth and also extend Wynnstay’s geographic reach into Oxfordshire and Gloucestershire,” continued Mr Greetham.
“Wynnstay has for some time been an active participant in agricultural consolidation.
“As part of our growth plan, we will continue to acquire businesses which fit our model, whilst also developing Wynnstay organically.
“The group has a strong financial base from which to grow, with low gearing and good cash flow.
“Our broad base continues to be a major factor in providing sustainable returns for all stakeholders in the business.
“I have confidence that our group will continue to develop over the coming years.”
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Monday 20 May 2013
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