Interim Results

NWF Group PLC
25 January 2001

                                NWF Group plc

                          (Diversified Industrials)


          INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2000


                             Chairman's Statement

As anticipated, the Group pre-tax profit of £1,005,000 for the period shows a
slight drop from last year's £1,113,000 due mainly to seasonal factors. Sales,
once again heavily influenced by fuel prices, rose from £53m to £70m and
earnings per share were 8.8p (1999: 9.6p).


An Interim Dividend of 3.2p per share (1999: 3.1p) has been approved by the
Board for payment on 1 May to shareholders on the Register on 30 March 2001.
The shares will go ex-dividend on 28 March 2001.


The Agriculture business continues to achieve record sales with total
processed feed volumes running at over 210,000 tons pa. Margins were tighter
than last year as the dairy industry experienced its worst circumstances for
decades and operating profit in the half was reduced to £276,000 (1999: 
£377,000). The unexpected EC ban on fish meal use in ruminant feeds caused a
stock write-down of £38,000 which has been included in this result. The mill
will see further efficiency investment and the blends plant is being extended
with the expectation of a busy second half.


Distribution had a quieter first half than last year when there was some extra
business from the Millennium preparations. The new warehouse project was
completed on time and within budget and we expect it shortly to be taken fully
into use by a major customer. Various start-up costs associated with this
development also contributed to bringing operating profit down to £554,000
(1999: £686,000) but the second half outlook is favourable.


Fuels saw a significant return to historical profit levels as oil prices
stabilised, albeit at high levels. Volumes were 19% up on last year in total
across all products and margins were closer to typical values. Operating
profit was £491,000 (1999: £90,000). A further depot was added to the business
at Ammanford, Carmarthenshire, by the acquisition of G. Thomas & Sons in
October.


The Retail operations have suffered from the exceptionally poor weather of
2000, particularly in the garden centres where customers have been discouraged
from their normal seasonal outdoor activities. The operating result was a loss
of £36,000 for this period (1999: £171,000 profit). Investments and
improvements have been carried out in expectation of better prospects for the
gardening and leisure markets in 2001.


We were pleased to win the 2000 AIM Award for Best Communication to investors.


Historically, the majority of our profit is earned in the second half year and
we expect the four businesses to deliver results which will reflect further
progress in their markets.


J. Roy Willis, Chairman, 25 January 2001



Group Profit and Loss Account

Half year to 30 November 2000

                                          Unaudited    Unaudited      Audited

                                       Half year to Half year to      Year to

                                        30 November  30 November       31 May

                                               2000         1999         2000
                                       --------------- --------------- ---------
                                             £'000        £'000        £'000
Turnover                                     70,327       53,000      117,128
Operating costs                            (69,042)     (51,676)    (113,572)
                                       --------------- --------------- ---------
Operating profit                              1,285        1,324        3,556
Interest payable                              (280)        (211)        (468)
                                       --------------- ---------------
---------Profit on ordinary activities before          1,005        1,113       
3,088
taxation
Taxation                                      (312)        (356)        (952)
                                       --------------- ---------------
---------Profit after taxation                           693          757       
2,136
Equity dividends payable                      (253)        (245)        (806)
                                       --------------- ---------------
---------Profit transferred to reserves                  440          512       
1,330
                                       --------------- --------------- ---------
Earnings per share (Note 1)
Basic                                          8.8p         9.6p        27.0p
Diluted                                        8.8p         9.6p        27.0p

Dividends per share                            3.2p         3.1p        10.2p


Notes:


    1.     The calculation of basic earnings per share for the half year is
    based on profit after taxation of £693,000 (1999: £757,000) and on
    7,900,941 (1999: 7,900,941) ordinary shares representing the weighted
    average number of shares in issue during the period.


    The calculation of the diluted earnings per share for the half year is
    based on the figures shown above amended for 16,000 share options
    outstanding through the period (1999: 16,000).


    2.     The comparative figures for the year to 31 May 2000 are an abridged
    version of the Accounts filed with the Registrar of Companies on which an
    unqualified audit opinion has been given.


    3.     The above statement and those following have been prepared on the
    basis of accounting policies set out in the 2000 Annual Financial
    Statements.

Summarised Group Balance Sheet

At 30 November 2000
                                             Unaudited   Unaudited     Audited

                                           30 November 30 November      31 May

                                                  2000        1999        2000
                                       --------------- --------------- ---------
                                                £'000       £'000       £'000
Goodwill                                           724          95         152
Fixed assets                                    17,187      14,686      14,522
Stocks                                           5,122       4,388       4,736
Debtors                                         18,960      15,206      15,207
Cash and bank balances                              15          21          18
Creditors: amounts falling due within one     (24,615)    (19,769)    (19,387)
year
                                       --------------- ---------------
---------Total assets less current liabilities           17,393      14,627     
15,248
Creditors: amounts falling due after more
than one year                                  (4,411)     (2,899)     (2,684)
Provision for liabilities and charges            (693)       (697)       (715)
                                       --------------- ---------------
---------Net assets                                      12,289      11,031     
11,849
                                       --------------- ---------------
---------Total equity shareholders' funds                12,289      11,031     
11,849
                                       --------------- --------------- ---------

Reconciliation of Movements in Equity

Shareholders' Funds

Half year to 30 November 2000
                                          Unaudited     Unaudited       Audited

                                       Half year to  Half year to       Year to

                                        30 November   30 November        31 May

                                               2000          1999          2000
                                    --------------- --------------- ------------
                                             £'000         £'000         £'000
Profit after taxation                           693           757         2,136
Dividends                                     (253)         (245)         (806)
                                    --------------- ---------------
------------Net addition to equity shareholders'            440           512   
     1,330
funds
Opening equity shareholders' funds           11,849        10,519        10,519
                                    --------------- ---------------
------------Closing equity shareholders' funds           12,289        11,031   
    11,849
                                    --------------- --------------- ------------

Summarised Group Cash Flow Statement

Half year to 30 November 2000
                                      Unaudited      Unaudited        Audited

                                   Half year to   Half year to        Year to

                                    30 November    30 November         31 May

                                           2000           1999           2000
                                 --------------- --------------- ---------------
                                          £'000          £'000          £'000
Operating profit                          1,285          1,324          3,556
Goodwill amortisation                         5              -              5
Depreciation                                910            815          1,661
Increase in working capital             (2,157)        (1,658)          (894)
Other                                      (42)           (99)          (158)
                                 --------------- --------------- ---------------
Operating cash flow                           1            382          4,170
Interest                                  (199)          (235)          (457)
Taxation                                  (204)           (12)        (1,153)
Equity dividends                          (561)          (521)          (766)
Purchase of tangible fixed              (3,554)        (1,095)        (1,651)
assets
Sale of tangible fixed assets                54            245            307
Acquisitions                              (421)           (95)          (498)
Deferred acquisition payments             (650)          (950)          (950)
                                 --------------- --------------- ---------------
Net cash outflow before                 (5,534)        (2,281)          (998)
financing
Medium term loan movements                2,249          (500)          (500)
                                 --------------- --------------- ---------------
Decrease in cash in the period          (3,285)        (2,781)        (1,498)
                                 --------------- --------------- ---------------


Reconciliation of Net Cash Flow to Movement

in Net Debt

Half year to 30 November 2000
                                              Unaudited  Unaudited    Audited

                                              Half year  Half year    Year to
                                                     to         to
                                                                       31 May
                                                     30         30
                                               November   November       2000

                                                   2000       1999
                                        --------------- --------------- --------
                                                 £'000      £'000      £'000
Decrease in cash per cash flow statement        (3,285)    (2,781)    (1,498)
Cash (inflow)/outflow from increase/decrease
in debt financing                               (2,249)        500        500
                                        --------------- ---------------
--------Change in net debt resulting from cash flows    (5,534)    (2,281)     
(998)
Net debt brought forward                        (7,273)    (6,275)    (6,275)
                                        --------------- ---------------
--------Net debt carried forward                       (12,807)    (8,556)   
(7,273)
                                        --------------- ---------------
--------Analysis of net debt:

Cash and bank balances                               15         21         18
Overdrafts                                      (8,073)    (6,077)    (4,791)
Short term loan                                   (438)      (251)      (466)
Medium/long term loans                          (4,311)    (2,249)    (2,034)
                                        --------------- --------------- --------
                                              (12,807)    (8,556)    (7,273)
                                        --------------- --------------- --------

Segmental Analysis

Half year to 30 November 2000
                            Unaudited            Unaudited              Audited

                         Half year to         Half year to              Year to

                          30 November          30 November               31 May

                                 2000                 1999                 2000
                      ---------------      ---------------      ---------------
                                £'000                £'000                £'000
Turnover
Agriculture                    15,202               12,710               29,767
Distribution                    4,134                4,635                8,968
Fuels                          45,215               31,097               66,843
Retail                          5,776                4,558               11,550
                      ---------------      ---------------      ---------------
                               70,327               53,000              117,128
                      ---------------      ---------------      ---------------
Operating profit
Agriculture                       276                  377                1,100
Distribution                      554                  686                1,342
Fuels                             491                   90                  421
Retail                           (36)                  171                  693
                      ---------------      ---------------      ---------------
                                1,285                1,324                3,556
                      ---------------      ---------------      ---------------
Net operating assets
Agriculture                     8,573                7,076                7,044
Distribution                    9,627                7,431                6,765
Fuels                           3,228                3,366                3,055
Retail                          5,529                5,128                5,291
                      ---------------      ---------------      ---------------
                               26,957               23,001               22,155
                      ---------------      ---------------      ---------------



2001 Financial Calendar
Interim Dividend Paid                                                1 May 2001
Financial Year End                                                  31 May 2001
Preliminary Announcement of Full Year Results                       August 2001
Publication of Full Year Report and Accounts                     September 2001
Annual General Meeting                                        27 September 2001
Final Dividend Paid                                             1 November 2001

Copies of the Interim Statement are being sent to shareholders on Monday, 5
February 2001. Further copies can be obtained from the Company Secretary at
NWF Group plc, Wardle, Nantwich, Cheshire, CW5 6BP or viewed on the Company's
Web site: http://nwf.co.uk

For further information contact:

Graham Scott (Chief Executive) 01829 260260

Alan Fulker (Finance Director)