AGM Statement

RNS Number : 9257O

NWF Group PLC

26 September 2013

 



NWF Group plc

For release 26 September 2013

NWF Group plc ('NWF' or 'the Group')                                                                                                        

NWF Group plc: Annual General Meeting 26 September 2013 - Update on Trading

At the Annual General Meeting of NWF Group plc, the specialist agricultural and distribution business, which will be held today at 10.30 am at Rookery Hall Hotel, Worleston, Cheshire, Mark Hudson, Chairman, will make the following statement.

"I am pleased to give shareholders the following brief update on trading for the first quarter of the new financial year.

"Although still a very early stage in the year, I am pleased to report that the Group continues to trade in line with management's expectations with Net Debt also in line, reflecting normal seasonal fluctuations.

"Looking at each division in more detail: Feeds has continued the focus on providing high quality nutritional advice and sales direct to farmers, who are experiencing better silage and harvest conditions compared to the prior year and the business continues to manage volatility and some softening in commodity costs.

"In the Food division, the movement of consolidating customers to the primary consolidation site at Wardle is progressing as planned and options for the future of the leased Deeside facility are being evaluated. Storage levels are a little higher than anticipated and out loads continue to be in line with the prior year.  Service levels have been maintained at 99.7%.

"Finally, the Fuels business performed as planned across the summer months against a back drop of volatile Brent crude prices, which fluctuated between $101 and $117 per barrel since the period end.

"We look forward to providing a more detailed update at the time of our Interim Statement in early February 2014."

For further information please visit www.nwf.co.uk or contact:

 

Richard Whiting, Chief Executive Brendon Banner, Finance Director NWF Group plc Tel: [phone]

John West / Andrew Dunn Tavistock Communications Tel: [phone]

Justin Jones / Mike Bell Peel Hunt LLP (Nominated Adviser) Tel: [phone]

 

END

 

 

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