Final Results

NWF Group PLC
13 August 2001



FOR RELEASE                  7.00 AM                             13 AUGUST 2001


                                NWF Group plc

              PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MAY 2001



        Financial Highlights for 2001:


  * another profit record - £3.4m pre-tax (£3.1m)

  * sales growth in all four businesses

  * total Group sales up 26% to £147m

  * earnings per share of 29.3p (27.0p)

  * dividend per share increased to 11.1p (10.2p)


For further information contact:

Graham Scott (Chief Executive) 01829 260260

Alan Fulker (Finance Director)


                                NWF Group plc

              PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MAY 2001

                             CHAIRMAN'S STATEMENT


I am pleased to report another excellent performance from the Group. Pre-tax
profits were up 10% to £3,404,000 from last year's record £3,088,000 and we
propose to declare an increased dividend. Once again, our strategy of
developing diversity has proved its worth by producing improved Group results
despite difficulties in some of our markets.

Trading results

We had best-ever performances in Agriculture, from further increased market
share, and in Fuels, which demonstrated a turnaround from last year.
Distribution was affected by commissioning costs for its large new warehouse,
now fully in use, and Retail was set back by the poor weather which applied to
the entire garden centre industry for much of the year.

Cash flows and funding

The businesses generated £4.4m cash (£4.2m) from their operating activities
and net cash outflow for the Group after all sources and uses of funds was 
£1.6m (£1.5m). Investment in the Group's future growth through net capital
expenditure of £4.4m and acquisition payments of £1.1m were the main
applications of funds. Higher commodity values, particularly of oil and
feedstuffs, also demanded extra working capital. Interest cover for the year
was as planned at 5.9 times (7.6 times), a level well within the Board's view
of prudence.

Acquisitions and investments

The profit base of the Group was enlarged during the year by the acquisition
of a fuel distribution business in South Wales, by the building of a major new
distribution warehouse, by improvements to our capacity for manufacturing
animal feeds and blends and by enlarging the plant production and display
facilities at Rivendell Garden Centre.

 Dividend

At the Annual General Meeting, we shall continue our progressive dividend
policy by proposing a final dividend of 7.9p (7.1p) per share, bringing the
total for the year to 11.1p (10.2p) per share. This level of dividend would be
covered 2.6 times (2.7 times) by post-tax profits. Subject to shareholder
approval, the final dividend will be paid on 1 November to shareholders on the
register at 17 August 2001.

Outlook for the current year

We expect to make further progress again in the new year. We have to contend,
as our farmer customers have had to contend, with the effects of Foot & Mouth
Disease in the Agriculture sector but we plan to continue our historical
success of winning more individual accounts. The Distribution business will
have its first year of the new warehouse in full operation. Fuels faces high
oil prices but has shown its ability to compete well under adverse
circumstances. In Retail, given a more normal year for weather, we expect our
investments in gardening to flourish. As I have emphasised in previous
statements, the Group's seasonality is biased towards the second half so our
performance in the first half will be only a partial indicator of full year
expectations.

Employees, customers and shareholders

The Group's size increased again with average employee numbers up to 587
(497), mainly arising from our Fuels acquisition, our Distribution investment
and further sales growth in Retail. Once again, my thanks and those of the
Board go to all of our operational colleagues for taking the Group forward and
for laying the basis for future years.

I would like to thank all of our customers, large and small, for entrusting us
with their business during the year and I renew our pledge to serve them well
in times to come.

Finally, I would like to welcome all new shareholders who invested in NWF this
year and to thank those loyal supporters who continue to hold our shares. We
may now see a return to popularity of 'old economy' companies who pay real
dividends to their shareholders and I welcome the recently announced
improvements to the Capital Gains Tax regime which should benefit NWF
investors.


J Roy Willis

Chairman

                                NWF Group plc

              PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MAY 2001

                     CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                                              2001         2000
                                                             £'000        £'000
TURNOVER                                                   147,187      117,128

Cost of sales                                            (134,459)    (106,639)
GROSS PROFIT                                                12,728       10,489
Trading costs                                              (8,631)      (6,933)
OPERATING PROFIT                                             4,097        3,556
Interest payable                                             (693)        (468)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                3,404        3,088
Taxation                                                   (1,090)        (952)
PROFIT AFTER TAXATION                                        2,314        2,136
Equity dividends                                             (877)        (806)
RETAINED PROFIT TRANSFERRED TO RESERVES                      1,437        1,330

                                                              ====         ====
Earnings per share
Basic                                                        29.3p        27.0p
Diluted                                                      29.3p        27.0p


There were no recognised gains or losses other than the profit for both years.

All of the Group's turnover is derived from continuing operations.

                                NWF Group plc

              PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MAY 2001

                          CONSOLIDATED BALANCE SHEET

                                                            2001           2000
                                                    £'000  £'000   £'000  £'000
FIXED ASSETS

Intangible assets                                            705            152

Tangible assets                                           17,324         14,522

                                                          18,029         14,674

CURRENT ASSETS

Stocks                                              4,943          4,736

Debtors                                            19,281         15,207
Cash and bank balances
                                                       21             18

                                                   24,245         19,961

CREDITORS - Amounts falling due within one year   (24,050)        (19,387)

NET CURRENT ASSETS                                           195            574

TOTAL ASSETS LESS CURRENT LIABILITIES                                    15,248
                                                          18,224
CREDITORS - Amounts falling due after more than           (4,180)       (2,684)
one year

PROVISIONS FOR LIABILITIES AND CHARGES

Pension provision                                          (133)          (151)

Deferred Taxation                                          (625)          (564)

NET ASSETS                                                13,286         11,849

                                                            ====           ====

CAPITAL AND RESERVES

EQUITY SHARE CAPITAL                                       1,975          1,975
RESERVES

Share premium                                                520            520

Revaluation reserve                                        1,651          1,677

Capital reserve                                              213            213

Profit and loss account                                    8,927          7,464

TOTAL EQUITY

SHAREHOLDERS' FUNDS                                       13,286         11,849

                                                            ====           ====

                                NWF Group plc

              PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MAY 2001

                       CONSOLIDATED CASH FLOW STATEMENT

                                                           2001          2000
                                                   £'000  £'000  £'000  £'000
NET CASH INFLOW FROM
OPERATING ACTIVITIES                                      4,368         4,170

RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE

Interest paid                                             (670)         (457)

TAXATION

Corporation tax paid                                     (1,068)        (1,153)

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT

Purchase of tangible fixed assets                 (4,759)        (1,651)

Sale of tangible fixed assets                        361           307

NET CASH OUTFLOW FROM CAPITAL EXPENDITURE                (4,398)        (1,344)
ACQUISITONS AND DISPOSALS

Acquisition of businesses                          (421)         (498)

Deferred payment for businesses acquired in prior  (650)         (950)
year

NET CASH OUTFLOW FOR ACQUISITIONS                        (1,071)        (1,448)

EQUITY DIVIDENDS PAID                                     (814)         (766)

NET CASH OUTFLOW BEFORE FINANCING                        (3,653)         (998)

FINANCING

Medium term loan received                                 2,500             -

Medium term loan repayment                                (466)         (500)

DECREASE IN CASH IN THE YEAR                             (1,619)        (1,498)

                                                           ====           ===

                                NWF Group plc

              PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MAY 2001


NOTES

TAXATION
                                                                 2001      2000
                                                                £'000     £'000

UK Corporation tax at 30% (2000 - 30%)                          1,053       949

Deferred tax                                                       54        23
                                                                1,107       972

Prior year - current tax                                         (24)      (22)

           - deferred tax                                           7         2

                                                                1,090       952

                                                                  ===       ===

SEGMENTAL INFORMATION

Business            Turnover         Operating profit    Net operating assets
                    2001       2000      2001      2000        2001        2000
                   £'000      £'000     £'000     £'000       £'000       £'000

Agriculture       38,816     29,767     1,270     1,100       8,735       7,044

Distribution       8,990      8,968     1,125     1,342       9,670       6,765

Fuels             86,158     66,843     1,106       421       3,314       3,055

Retail            13,223     11,550       596       693       4,508       5,291

                 147,187    117,128     4,097     3,556      26,227      22,155

                    ====       ====      ====      ====        ====        ====



EARNINGS PER SHARE

The calculation of basic earnings per share is based on profit after tax for
the financial year divided by 7,900,941 ordinary shares being the number of
ordinary shares in issue (2000 - 7,900,941).


RECONCILIATION OF OPERATING PROFIT TO NET

CASH INFLOW FROM OPERATING ACTIVITIES
                                                      2001                 2000
                                             £'000   £'000       £'000    £'000

Operating profit                                     4,097                3,556

Goodwill amortisation                                   24                    5

Depreciation charge                                  1,808                1,661

Profit on sale of tangible fixed assets              (115)                (141)

Increase in stocks                           (168)               (760)

Increase in debtors                        (4,074)             (2,023)

Increase in creditors                        2,814               1,889

Decrease in pension provision                 (18)                (17)

                                                   (1,446)                (911)

Net cash inflow from operating activities            4,368                4,170

                                                      ====                 ====

ANALYSIS OF NET DEBT
                                                          Other

                            At 31 May                  non-cash       At 31 May

                                 2000   Cash Flow       changes            2001
                                £'000       £'000         £'000           £'000

Cash and bank balances             18           3             -              21

Bank overdraft                (4,791)     (1,622)             -         (6,413)

                              (4,773)     (1,619)             -         (6,392)

Debt due within one year        (466)         466         (454)           (454)

Debt due after one year       (2,034)     (2,500)           454         (4,080)

Total                         (7,273)     (3,653)             -        (10,926)

                                 ====        ====          ====            ====

Annual Report to be published                                  3 September 2001

Annual General Meeting                                        27 September 2001

Dividend:

- to be paid                                                    1 November 2001

- record date for shareholders                                   17 August 2001


Annual Report: This preliminary announcement does not form the Group's
statutory accounts. The figures shown in this release have been extracted from
the Group's full financial statements which, for the year ended 31 May 2000,
have been delivered, and for the year ended 31 May 2001 will be delivered to
the Registrar of Companies. Both carry an unqualified audit report.

The financial statements for the year ended 31 May 2001 have been prepared in
accordance with applicable accounting standards, using the same accounting
policies as set out in the Annual Report for the year ended 31 May 2000.

After 3 September, copies of the Annual Report can be obtained from the
Company's registered office at Wardle, Nantwich, Cheshire, CW5 6BP or viewed
on the Company's Website: http://www.nwf.co.uk