NWF first-half revenue up 30% to £402m

Chesire-based NWF Group plc, the business that delivers fuel, food and agricultural feeds across the UK, announced its revenue for the half year ended November 30, 2021, was 30.1% higher at £402.6 million “as a result of higher commodity prices in fuels and feeds and higher fuels volumes.”

Headline profit before tax was up 72% to £4.3 million — but the firm reported a statutory loss before tax of £4.4 million “after adding back the net finance cost in respect of the group’s defined benefit pension scheme of £0.2 million, the exceptional items and the amortisation of acquired intangibles.”

NWF Group CEO Richard Whiting said: “We have delivered a very strong first half performance, despite volatile market demand and significant inflationary pressures, demonstrating a return on recent investments and the continued resilience of the group.

“The group has been successful in retaining its employees, including drivers, ensuring we have continued to service our customers’ needs.

“Both Fuels and Food have delivered significant year-on-year growth in the first half, more than offsetting a weaker Feeds result and starting our busier second half with good momentum.

“We continue to focus on the long-term growth of the group, with a clear investment strategy which is supported by a strong financial position.” 

On the firm’s outlook and future prospects, chair Philip Acton wrote: “Following a very strong first half, the group has continued to trade well since the period end.

“In Fuels, demand for heating oil increased as we moved into the key winter months and acquisition development activity continues.

“In Food, demand was greater than anticipated leading into Christmas as retailers increased stock levels and this has led to lower levels of storage.

“In Feeds, volumes and margin have increased as we move into the key winter months and there have been further increases in commodity prices since the period end.

“Demand in our markets has continued to be resilient in spite of the challenges of Covid-19 and we continue to fully service all of our customers’ needs.

“Our financial position is strong and we continue to focus on development opportunities, both organic and through targeted acquisitions which underpin our continued confidence in NWF’s growth potential and future prospects.

“We carry encouraging momentum into the seasonally busier second half and consequently the board remains very confident in its expectations for the year as a whole.”

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