Trading Statement

RNS Number : 6979G

NWF Group PLC

17 May 2011

 



NWF Group plc

For release 07:00 17 May 2011                                                                   

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

NWF Group plc: Trading Statement

NWF Group plc, the specialist distribution business, is pleased to announce an update on its trading in the financial year ending 31 May 2011.

The Board now anticipates a record year for the Group following strong trading in the key winter and spring months in its Feeds and Fuels divisions.

Profit in our Feeds division is expected to be significantly ahead of expectations. The performance has been as a result of a combination of favourable factors which include increased sales direct to farmers, a robust market for compound feeds and effective purchasing. The performance in the current financial year benefits from unprecedented increases in the commodity markets which we do not expect to be repeated.

Food has traded in line with its first half performance and we can see some improvements in operating efficiencies in spite of continued demand volatility.

Fuels has had another good year with high customer service levels being rewarded in the cold winter period, though some of the benefit derived from the extreme cold spell was offset by an unusually warm April. The Evesons acquisition is performing well with its integration plan on track.

As a result of the factors outlined above the Board now anticipates the outcome of the current financial year will be significantly ahead of its prior expectations.

Commenting on the update, Richard Whiting, Chief Executive, said: 'NWF has again demonstrated the robustness of its business with another record result anticipated for the full year. The Group has also delivered a significant bolt on acquisition in the Fuels division which is being successfully integrated into our business. The continued strength of the Group delivers an effective platform for continued development and we look forward with confidence'.

The Group will announce its preliminary results for the year to 31 May 2011 in early August.

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

Richard Whiting, Chief Executive Johnathan Ford, Finance Director NWF Group plc Tel: [phone]

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

Julian Blunt Peel Hunt LLP (Nominated Advisor) Tel: [phone]

 

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