Wynnstay Group PLC (AIM:WYN) held its ground as the fertiliser and agricultural feed specialist saw profits in 2023 fall sharply from the year before.
Gareth Davies, chief executive, said: "Last year's [2022] results were exceptional” as fertiliser prices soared but that has reversed now.
“Weaker farmer sentiment, particularly dairy and arable farmers, higher labour and energy costs, and a weak final quarter for arable as a result of the prolonged wet weather" hit the year just ended.
Trading will remain challenging for the near term, Davies added, though the dividend goes up for the 20th year running.
Profits in 2023 fell to £8.7 million from £21.7 million with revenues up to £735 million from £713 million.
Shares were flat at 325p after dipping at the open.