Trading Update

RNS Number : 6270F

NWF Group PLC

19 June 2012

 



NWF Group plc

For release 19 June 2012

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

NWF Group plc: Trading update and notice of preliminary results for the year ended 31 May 2012

NWF Group plc, the specialist agricultural and distribution business, is pleased to announce that overall trading for the year ended 31 May 2012 has been in line with the Board's expectations and that debt levels are lower than previously anticipated.

The Feeds division has traded well in the second half, continuing to gain market share, particularly in blends.  This is against a backdrop of subdued market conditions and continued commodity price volatility.

As anticipated, Food has experienced a weaker second half reflecting the lower volumes stored in the business, but we anticipate its profit contribution to be ahead of full year estimates.

As previously highlighted, the Fuels business has had a disappointing year as a result of one of the mildest winters on record combined with record high oil prices and a challenging economic environment.

Positively, a continued focus on prudent cash management has enabled the Group to achieve a lower net debt level than previously anticipated.

Commenting on the update, Richard Whiting, Chief Executive, said: "As previously indicated, we have experienced difficult market conditions, particularly in Fuels. We will, however, deliver results which are in line with the Board's expectations for the full year with lower levels of debt than previously expected."

NWF intends to announce its preliminary results for the year ended 31 May 2012 on Tuesday 14 August 2012.

A meeting will be held for analysts at 10.30 am on the day of the results announcement at Tavistock Communications, 131 Finsbury Pavement, London EC2 1NT.

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

 

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