Chesire-based NWF Group plc, the agricultural and distribution business that delivers feed, food and fuel across the UK, said on Tuesday its revenue rose 9.9% to £671.3 million in the year to May 31, 2019, but profit before tax fell 10.3% to £8.7 million.

NWF Group CEO Richard Whiting said: “NWF has delivered a result ahead of original market expectations and the business is continuing to develop in line with our strategy.

“The fuels division has performed well in spite of a mild winter and has completed three acquisitions adding 20% to its volumes.

“Food has outperformed management’s expectations with new customers and employees working effectively in a business which has been at capacity throughout the year.

“Feeds has delivered a stable result in spite of variable market conditions.

“We are proposing an increased dividend and continue to see opportunity for further strategic and operational progress.

“Trading in the current financial year to date has been in line with our expectations.”