Cheshire-based NWF Group plc, which delivers fuel, food and agricultural feeds across the UK, said its group revenue fell 5% to £903.1 million in the year to May 31, 2025, “largely reflecting the lower price of oil and agricultural feed commodities which offset higher activity levels.”

Statutory profit before tax fell 23.8% to £9.3 million.

“Decisive action taken in Food, following a disappointing performance, with management change and a restructuring process to right-size the cost base and create a simplified structure for future growth …” said NWF.

“Positive market conditions in Feeds combined with continued effective management of gross margin and operational costs resulted in good progress over the prior year …

“Proposed increase in the total dividend of 3.7% to 8.4p per share, representing the 14th consecutive year of increases and reflecting the board’s confidence in the future prospects of the group.

“With a strong pipeline, Fuels acquisitions are being actively pursued and the opportunity for growth through consolidating a fragmented market remains significant.

“In Food, the benefits of the restructuring taken at the end of FY25 are expected to be realised through FY26 as the business focuses on converting its near-term customer pipeline as well as building longer-term demand to support future growth.

“In Feeds, stable commodity and milk prices are expected to result in solid demand.

“Performance in the current financial year to date has been consistent with the Board’s expectations.”

NWF Group plc CEO Chris Belsham said: “NWF has delivered another solid financial performance having progressed its strategy through two acquisitions and successfully implementing significant business improvement initiatives.

“Fuels and Feeds both delivered strong results, offsetting the performance in Food. The group has taken appropriate action to ensure improvements in the Food business and expects to start seeing the benefits coming through in the second half of FY26.

“Performance in the current financial year to date has been consistent with the board’s expectations. We continue to focus on our long-term growth strategy of development through targeted acquisitions, organic investment and improvement initiatives, supported by our strong financial position and confidence in NWF’s potential and prospects.”