Cheshire-based NWF Group plc, which delivers fuel, food and agricultural feeds across the UK, said revenue for the half year ended November 30, 2025, was 4.3% lower at £434.6 million “primarily as a result of the lower oil price in fuels offsetting the contribution from acquisitions.”
Profit before tax was down 57% to £900,000.
“As stated in the November 2025 trading update, mixed first half performance with solid performances in Food and Feeds more than offset by a disappointing trading period for Fuels,” said NWF.
“Growth in Food gaining momentum; the Board considers there is a significant opportunity to develop a national network of scale in ambient grocery consolidation.
“Two bolt-on acquisitions within Fuels alongside the national roll out of the Fuels regional operating model.
“Continued strong performance in Feeds.
“Net cash of £0.8 million after £5.5 million of acquisition-related costs reflects good operating cash generation and provides a strong platform for further growth investment.
“The Board’s full year trading expectations, which were updated following the November Trading Update, remain unchanged ahead of the seasonally more significant second half.”
On the company’s outlook and future prospects, NWF chair Amanda Burton wrote: “Since the period end, the Group has continued to perform in line with Board expectations.
“In Fuels, demand for domestic heating oil has returned to more normal levels with a corresponding positive impact on margins whilst the commercial fuel market remains very competitive.
“In Food, the business continues to bring in additional stock from new and existing customers whilst optimising its performance. In Feeds, volumes have been maintained despite expectations of some reduction in the milk price.
“With the winter months ongoing, which are typically more material to the Group’s performance, the Board’s expectations for the full year, which were amended at the time of the November Trading Update, are unchanged.
“The Group’s financial position is strong and we continue to focus on development opportunities, both organically and through targeted and disciplined acquisition opportunities. This underpins our continued confidence in NWF’s growth potential and future prospects.”
NWF Group CEO Chris Belsham said: “Market conditions during the first half of the year resulted in a challenging environment for our Fuels business, whilst we are seeing the benefits from the investment and growth initiatives carried out in recent years within Food and Feeds.
“We are now experiencing the increased demand for domestic heating oil, albeit later in the financial year than usual, prompted by the colder weather, and we expect domestic demand levels to normalise through the winter months.
“We have made good strategic progress across the Group in the first half, having deployed capital in a disciplined and considered manner.
“The Group’s financial position is strong and the Board remains confident in NWF’s growth potential and prospects. Our full year expectations remain unchanged.”