The chair of Cheshire-based NWF Group plc, which delivers fuel, food and agricultural feeds across the UK, told shareholders at its AGM on Tuesday that it continues to consider further acquisition opportunities for its Fuels business.
Chair Amanda Burton said any deals are “supported by a robust financial position and a demonstrable track record of integrating depots into its network.”
Burton gave an update on trading for the first quarter of the firm’s financial year, which commenced on June 1, 2025.
“With the seasonally busier winter months still to come, which historically have proven to be the most material to the group’s performance, the board’s outlook for the full financial year is unchanged,” said Burton.
“Taking each of the group’s businesses in turn:
“In Fuels, volumes were lower than the prior year on a like-for-like basis, principally reflecting lower market demand for both domestic heating oil and commercial fuel, leading to a more competitive trading environment. The national rollout of Fuels’ regional operating model was concluded in the period, which is expected to deliver benefits as the year progresses.
“The Food business has benefitted from the restructuring of the cost base undertaken in June 2025, which combined with other changes implemented, including management change, contributed to a significant improvement in performance in line with the board’s expectations. The business is now focused on delivering further efficiency opportunities as well as securing additional contracted business.
“In Feeds, the momentum at the end of the prior year has continued into the new financial year. Volumes remain strong and margins have been well managed. The milk price has been stable during the period which continues to encourage customers to maximise yield.
“We remain confident in the group’s prospects and continue to focus on our long-term growth strategy of development through targeted acquisitions, growth investment, and business improvement initiatives, supported by our strong balance sheet.
“Fuels’ Acquisition … In line with NWF’s stated strategy to consolidate the UK fuel distribution market, the group acquired N Booth and Sons Limited on 31 July 2025.
“N Booth is a 24 million litre distributor based near Wigan, servicing a mixed commercial and domestic customer base in Lancashire. The business has been integrated into the group’s North-West region, strengthening NWF’s existing presence in this area.
“N Booth is another excellent example of the group’s ability to deliver complementary bolt-on acquisitions and follows the purchases of Northern Energy Oil in March 2025 and Pinnocks in May 2025.
“Together, these three acquisitions have added 79 million litres per annum to NWF’s volumes, representing a total increase of approximately 12 per cent on the group’s prior year volumes, whilst strengthening the geographical presence in key English regions providing the opportunity for improved customer service and operational efficiencies.
“In line with its strategy, the board continues to consider further acquisition opportunities for Fuels supported by a robust financial position and a demonstrable track record of integrating depots into its network.”