NWF half-year revenue up 13.9% to £256m

Chesire-based NWF Group plc, the agricultural and distribution business that delivers feed, food and fuel across the UK, said half year revenue to November 30 was 13.9% higher at £255.9 million but headline profit before tax fell to £2 million from £2.6 million.

In his outlook, chairman Mark Hudson said: “We have performed as planned since the period end.

“In feeds, our customers have seen some further positive increases in milk prices and the new milling capacity comes on line to optimise our infrastructure, deliver efficiency benefits and meet increased demand.

“In the food division, demand has remained robust and we maintained our high service levels over the crucial Christmas period.

“The division is now focused on new business development to offset the reduced demand from Princes Limited.

“In fuels, oil prices have now moved to over $50 per barrel and the business is trading well in the normal winter conditions experienced to date.

“Having invested significantly in new feed mill and fuel capacity and successfully integrated recent acquisitions in both areas, we continue to focus on growth initiatives, both organic and through further targeted acquisitions.

“Overall the group continues to trade in line with the board’s expectations and I look forward to updating shareholders later this year.”