Wynnstay hit by EU subsidy changes
Agricultural supplier Wynnstay Group has reported a difficult first half year to end April 2006, with a large 35% fall in pre-tax profits to £1.3m on sales down 5% at £52.4m.
The situation is being blamed on the changes made to the EU farm subsidies system. As a result, farmers have been producing less, which in turn has reduced demand for agricultural supplies.
Fertiliser product costs were boosted by higher energy prices while poor weather in the spring-time further reduced demand for
Feed sales were helped by the lifting of the ban on UK livestock and meat products.
Investec Securities forecasts full year pre-tax profits of £2.5m against £3.2m last time.
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