Agricultural supply group Wynnstay has reported record results for the year ended 31 October 2021, ahead of initial market expectations.
Underlying pre-tax profit increased by 37% to set a new high of £11.44m (2020: £8.37m), financial results show.
Revenues for the Powys-based firm increased by 16 percent to £500.39m (2020: £431.40m), also a record high.
Growth was seen in the company's agriculture division and specialist agricultural merchanting division.
The total dividend for the year rose 6% to 15.5p, marking the eighteenth consecutive year of dividend increases.
Gareth Davies, chief executive of Wynnstay Group, said the results were 'significantly ahead of initial market expectations'.
He added they reflected the improved trading environment as well as the firm's initiatives to drive growth and productivity.
"Strong farmgate prices and the lifting of uncertainties around Brexit and future financial support have promoted a return to farm investment.
"Results also benefited from a strong second half across the Group, especially for our arable operations."
He added: "The 2021 harvest was good, with tonnages and yields reverting to more normal levels, and our fertiliser blending activities generated a windfall gain in a highly disrupted marketplace."
While there were challenges with rising costs, Mr Davies said he was 'confident' that Wynnstay was well-positioned to achieve its growth objectives for the year.
"Trading in the new financial year has begun well, in line with our expectations. We have a clear growth plan with strategic investment programmes under way, and new opportunities."
