Cheshire-based NWF Group plc, which delivers fuel, food and agricultural feeds across the UK, said its statutory profit before tax soared 33.3% to £12.4 million as revenue rose 1.9% to £920.3 million in the year ended May 31, 2026.
NWF said total dividend per share rose 3.6% to 8.7p, “representing the 15th consecutive year of increases reflecting the board’s confidence in the future prospects of the group.”
In fuels, NWF said headline operating profit was £8.1 million (2025: £8.4 million).
The firm said: “Demand for heating oil and commercial gas oil was suppressed in the first half which impacted volume and margin on all products. With the arrival of colder weather in December, demand for heating oil normalised leading to a corresponding positive impact on Fuels’ performance.
“The outbreak of the conflict in the Middle East at the start of March resulted in volatile trading conditions with significant short-term movements in oil price, and variable demand. The new regional operating model was rolled out nationally in July 2025.
“Despite market conditions affecting the speed of implementation, the business continues to embed the model and improve its processes. Two bolt on acquisitions were made in the year which were integrated into the North-West region.”
In food, NWF said headline operating profit was £5.1 million (2025: £4.3 million).
The firm said: “Additional business was secured from both new and existing customers over the period which led to increased storage levels and higher pallet throughput. The business benefitted throughout the year from the cost base restructuring undertaken in June 2025, and the first year of the Lymedale warehouse operating at full capacity.
“The management team has continued to improve business processes and strengthen capability within the organisation in order to create a scalable platform to develop a national network of scale to take advantage of the considerable market opportunity in ambient grocery consolidation.”
In feeds, NWF said headline operating profit was£3.6 million (2025: £3.6 million).
The firm said: “Feeds benefitted from strong demand in the first half supported by the strong milk price. Market sentiment softened in the second half as the milk price reduced in line with expectations.
“Volumes were in line with the prior year with the new moist feed product line continuing to perform ahead of plan. The business managed margins and the operating cost base effectively during the period.”
On current trading and outlook, NWF said performance in the current financial year to date has seen the normalisation of trading conditions in fuels, albeit with lower demand for domestic heating oil.
“Assuming the reversion to normalised trading conditions in Fuels continues, the Board expects the Group’s performance in the current financial year to be broadly in line with that of FY26,” said NWF.
“Continue to focus on growth strategy through targeted acquisitions, organic investment and business improvement initiatives, supported by our strong financial position.”
NWF Group CEO Chris Belsham said: “NWF Group has demonstrated its resilience in operating through challenging and unforeseen market conditions, whilst continuing to make significant strategic progress, building a platform for growth in Food, making two acquisitions in Fuels, and by implementing its business improvement initiatives.
“The strategy we have identified to grow the Food business represents an exciting opportunity to take advantage of NWF’s expertise in a highly fragmented and expanding market.
“We continue to focus on our long-term growth strategy of development through organic investment, targeted acquisitions and business improvement initiatives, supported by our strengthened balance sheet and confidence in NWF’s potential and prospects.”