Wynnstay Group – valued at 600p a share, shares very cheap at 360p, trading on 11.4 times pe and yielding 5.1%

Mark Watson-Mitchell - 01.07.2026

Our purpose is to be the supplier

of choice for British farmers

The Wynnstay Group (LON:WYN) is rooted in farming, it helps livestock and arable farmers to produce food in a more sustainable way.

This £82.3m-capitalised group remains in a strong financial position, with a robust balance sheet and good cash flows, which supports its positive view of prospects.

On Monday morning, the business, described as ‘The leading integrated partner to UK Agriculture’ has reported its Interim Results to end-April this year – they were impressive and showed that its strategies are proving beneficial.

Interim revenues are steady, while profits were up 11.7% and earnings 15.5% better.

Its shares at 360p have strong appeal.

The Business

Based in Llansantffraid-ym-Mechain, Powys in Wales, the Wynnstay Group is a leading UK supplier of agricultural products and services, supporting farmers and rural communities nationwide.

Founded in 1917 as a farmers' co-operative and listed on AIM since 2004, Wynnstay combines heritage with innovation to deliver sustainable growth.

The group's operations span feed manufacturing, arable inputs, grain marketing and a nationwide retail network, making us a trusted partner for British agriculture.

Feed and Grain - Wynnstay manufactures and supplies a wide range of feeds and animal nutrition products, principally for the dairy, beef, sheep and poultry sectors.

The group operates two feed mills and three blending plants, manufacturing feed that is offered in compounded, blended and meal forms, and sold both in bulk and in bags.

Bagged feed is predominantly sold through the group's store network.

Wynnstay also sells a range of raw materials for feed through its Wynnstay and Glasson Grain brands.

Farmers are offered grain and combinable crop marketing services through the GrainLink business.

Arable - The group supplies a full range of high-quality, Wynnstay-branded agricultural fertiliser products (compound, straight, and blended), and the Glasson fertiliser blending operation is the UK's second largest.

Its specialists offer farmers bespoke fertiliser programmes.

These address specific soil conditions, thereby increasing the efficiency of the fertiliser and improving plant growth.

The group also supplies a wide range of seeds (spring, autumn, grass, maize, catch & forage, and environmental seeds), and operates a major seed processing facility in Shrewsbury, Shropshire.

Stores - Wynnstay operates a network of 51 stores catering mainly for the needs of farmers but also rural dwellers.

Stores are mostly located within the livestock areas of England and Wales.

The store network is supported by multiple routes to market, including a digital sales platform, sales trading desk, regional field sales teams and specialist catalogues.

Last year the group’s Management launched ‘Wynnstay Strategy Genesis’ - a five-year plan focused on growth, efficiency, and long-term value creation.

The successful completion of Project Genesis has established a stronger operational and financial foundation for the Group.

Building on that progress, Wynnstay has now moved into Strategy Genesis, a five-year plan focused on driving sustainable growth, improving returns and creating long-term value for shareholders through disciplined investment, operational excellence and enhanced customer engagement.

The Interim Results

For the six months to end-April the group has today reported that its adjusted profit before taxation had increased by 11.7% to £6.0m on revenue of £304.1m, which was broadly unchanged from the previous year.

This improvement was driven by Project Genesis, leading to higher profitability and stronger cash generation, with net cash increasing to £10.9m (£10.3m).

The Interim earnings were 20.9p (18.1p) per share, with a half-way dividend of 5.9p (5.7p), reflecting confidence in the group's outlook, and stated that it expects that the group’s full-year results will be in line with market expectations.

The group has continued to invest in its strategic capabilities, including production capacity, food safety, information technology infrastructure and data management initiatives.

These investments support long-term competitiveness and operational resilience and have been absorbed within the group's improved financial performance.

Project Genesis continues to deliver benefits across all areas of the business.

The closure of loss-making operations, the simplification of management structures, the integration of trading activities under GrainLink and the ongoing optimisation of manufacturing assets have all contributed to improved profitability and returns.

Management Comment

CEO Alk Brand stated that:

"The first half has provided clear evidence that Project Genesis is delivering.

We have improved profitability, increased earnings per share and strengthened our balance sheet despite tough market conditions for the agriculture industry.

The actions we have taken to simplify the business, improve operational efficiency and strengthen commercial execution are translating into a better and more sustainable financial performance.

Importantly, this improvement has been achieved whilst continuing to invest in the future of the Group through enhanced production capacity, food safety standards, IT infrastructure and data capability.

We remain focused on building a more resilient business that can perform consistently across market cycles. 

By concentrating on the areas within our control and improving the quality of our execution, we are creating a stronger, more self-reliant business that is better positioned to navigate external market volatility.

Trading in the second half has continued in line with our expectations and we remain confident of delivering full-year results in line with market expectations, representing a further improvement on FY25."

The Equity

There are some 23.13m shares in issue.

The larger holders include Milkwood (9.90%), TrinityBridge (8.31%), Schroder Investment Management (4.05%), Raymond James Wealth Management (3.94%), Canaccord Genuity Wealth (3.54%), Downing (3.02%), HSBC Bank (market-maker) (2.95%), IG Markets (2.66%), Janus Henderson Investors UK (1.80%), RBC Europe (1.30%), and Hargreaves Lansdown Asset Management (1.17%).

Analyst’s Views

Analysts Akhil Patel and Clive Black, at Shore Capital Markets, have a net asset value on the group’s shares of some 600p each.

For the current year to end-October their estimates are for revenues of £600.0m (£583.4m), while its adjusted pre-tax profits could come out at £10.0m (£9.2m), lifting earnings to 31.5p (28.0p) per share, with a dividend of 18.2p (17.8p).

The coming 2027 year, they see £620.0m revenues, £11.0m profits, 34.6p earnings and a dividend of 18.5p per share.

The analysts noted that:

“We would also highlight that since the FY25A results in Feb; the shares have fallen >13%, which we believe is unjustified given management’s continued execution and delivery of its strategy.

This provides a very attractive entry point for investors, in our view.”

My View

I am impressed by its 23 years of dividend growth, as well as by its strong customer base with improved margins.

With a value of some 600p a share and now visible proof that the group’s Project Genesis Strategy is working, this group’s shares at 360p have real appeal, trading on 11.4 times earnings while yielding a handsome 5.1%.

(Profile 01.12.25 @ 322.50p set a Target Price of 380p*)