Trading Update

RNS Number : 3371R

NWF Group PLC

14 June 2018

 

 14 June 2018

NWF Group plc    

NWF Group plc

Year End Trading Update

Notice of Results

NWF Group plc ("NWF" or "the Group"), the Fuels, Food and Feed specialist distribution business, today announces a trading update for the financial year ending 31 May 2018 and its notice of results. 

Trading update

The Group is pleased to report that trading for the financial year ended 31 May 2018 was significantly ahead of current market expectations and the prior year.

·     The Fuels division had an excellent year, delivering outstanding service to customers across the country and performing particularly strongly in the cold extended winter conditions.

·      In Food, the business has been challenged by the on-take of significant new business, recruitment of new staff and the reorganisation required to accommodate new customers at the Wardle site. Performance has therefore been lower than anticipated as new customers and employees bed in.

·     In the Feeds division, performance has improved as anticipated due to the delivery on the investment made in prior years and improved trading conditions in the dairy market, where farmers are benefiting from improved milk prices.

·     Net debt is lower than the Board's expectations and reflects the strong trading and further improvements in working capital management.

Notice of results

NWF will announce its final results for the year ended 31 May 2018 on Tuesday 31 July 2018.

A meeting will be held for analysts at 9.30 a.m. on the day of the results announcement at MHP Communications, 6 Agar Street, London, WC2N 4HN.

Richard Whiting, Chief Executive of NWF Group plc said:
"NWF has delivered an outstanding performance reflecting the focus on service across the Group, particularly from the Fuels business during the challenging winter conditions experienced earlier this year. It is also positive to demonstrate a return on the investment made in the prior year and to report a lower level of net debt."

 

 

 

 

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

Richard Whiting, Chief Executive  Chris Belsham, Finance Director NWF Group plc Tel: [phone]

Reg Hoare MHP Communications Tel: [phone]

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

 

END

 

 

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