Cheshire-based NWF Group plc, the business that delivers fuel, food and agricultural feeds across the UK, said it reported “solid” results” for the year ended May 31, 2024, “in line with the expected normalisation of pricing in the Fuels and Feeds markets.”

NWF said group revenue fell 9.8% to £950.6 million and headline profit before taxation decreased by 36.2% to £12.5 million.

The firm’s proposed full-year dividend per share increased by 3.8% to 8.1p “representing the 13th consecutive year of increases and reflecting the Board’s confidence in the prospects of the group.”

In fuels, NWF said low demand for heating oil resulting from the mild winter was mitigated through increased commercial volume and management of the cost base.

The firm reported strong performance in food, with increased storage levels and throughput supporting its investment in a new 52,000 pallet space warehouse at Lymedale, representing a 39% increase in operating capacity to support continued customer demand.

It reported “effective management of gross margins and operational costs in Feeds as the milk price reduced from the record high of the previous financial year.”

NWF Group CEO Chris Belsham said: “We have delivered a solid set of results in line with market expectations, having managed through more challenging conditions than the prior year following the normalisation of the Fuels and Feeds markets, alongside a strong contribution from the Food business.

“We have also delivered on our growth strategy, with one Fuels acquisition, significant investment in organic and improvement initiatives, and a substantial expansion of the Food business.

“We see further development opportunities in the current year supported by our strong financial position.

“Performance to date in the current financial year has been consistent with the Board’s expectations, and we remain confident about the Group’s future prospects.”