Wynnstay Group (WYN) H1 2026 earnings summary

Executive summary

• Delivered strong first half of 2026 with adjusted profit before tax up 11.7% to £6.0m, despite inflation, soft market conditions, and margin pressures.

• Project Genesis drove margin improvement, cost savings, and operational resilience, offsetting inflationary pressures.

• Integration of grain trading and fertiliser businesses created capacity and efficiency, with continued investment in strategic capabilities and IT infrastructure.

• Board confident in delivering full-year results in line with expectations, supported by strong fertiliser order book and positive H2 trading.

Financial highlights

• Revenue stable at £304.1m (down 0.03% year-over-year); gross profit up 0.7% to £42.3m.

• Adjusted PBT up 11.7% to £6.0m; adjusted operating profit up 9.7% to £5.8m; adjusted EPS up 15.5% to 20.9p.

• Net cash increased 5.8% to £10.9m; interim dividend raised 3.5% to 5.9p per share.

• Operating cash flow was £12.4m, with £7.7m invested in growth and £4.1m returned to shareholders.

• Effective tax rate for the period was 20.7%.

Outlook and guidance

• Full-year profit guidance maintained; trading in line with Board expectations and strong order book.

• Expect continued benefit from Project Genesis and robust trading in H2.

• Medium-term targets: RONA above 10%, 10% revenue and gross profit growth, 2% adjusted operating margin, 20% adjusted EPS growth, and doubling share of wallet by 2029.