Chesire-based NWF Group plc, the agricultural and distribution business that delivers feeds, food and fuel across the UK, said on Tuesday its revenue increased 2.4% to £687.5 million in the year to May 31, 2020.

Profit before tax increased £3.3 million to £12 million and proposed full year dividend per share increased by 4.5% to 6.9p.

NWF said it will continue to look for acquisitions in feeds and fuel.

NWF Group plc CEO Richard Whiting said: “NWF has delivered a very strong set of results, ahead of previous expectations, demonstrating both resilience and growth.

“Three acquisitions have been completed in Fuels and we have added significant additional warehouse capacity to support long-term customer contracts in Food.

“Feeds gained share with volume growth in a contracting market.

“The fundamental resilience of the group has been highlighted with the response to the Covid-19 crisis.

“Huge thanks must go to all our employees for their outstanding efforts in very challenging times. 

“All our employees were designated as key workers, demand increased, deliveries to customers were completed and safe working and home working where possible were implemented in early March and remain effective today.”

In its outlook, NWF said: “In Fuels, we have a proven depot operating model and are leveraging our capability by increasing the depot network through acquisitions.

“The opportunity to consolidate the market remains significant.

“In the new financial year Fuels will benefit from a full year contribution from the 2020 acquisitions, but does not anticipate a repeat of the exceptional conditions in the oil market.

“In Food, we are focused on continuing to fill and fully utilise our new warehouse in Crewe, having incurred significant start-up costs as planned during 2020.

“We are also continuing to improve efficiency, working with our customers and managing the variable demand patterns that have been a consequence of Covid-19 and the end of the Brexit transitional arrangements.

“In Feeds, current margins and volumes are in line with our expectations for this time of the year.

“Our mills in the North, Cheshire and the South West are aligned to the needs of our farming customers in these key areas of the country.

“The group has clearly demonstrated its resilience and capability to deliver growth, and has strong cash flows and flexible banking facilities to fund growth alongside a strong asset base.

“We will therefore continue to consider acquisition opportunities, building on our successful track record of acquiring and integrating businesses, as well as investment in organic development.

“Performance to date in the current financial year has been in line with the board’s expectations.

“Overall, the board continues to remain confident about the group’s future prospects.”