NWF Group trades ahead of expectations following 'strong end to the year'
By Iain Gilbert
Date: Thursday 13 Jun 2019
(Sharecast News) - AIM-listed fuel, food and feed distributor NWF Group expects overall trading for the year ended 31 May to be above market expectations following a "strong end to the year".
NWF's fuels unit recorded a strong performance during the period as a result of "good results" across its depot network and "effective management" of a volatile oil price.
It now anticipates results to be ahead of expectations, despite the milder winter, but behind its record prior year.
The group's food division saw its Wardle site remain full throughout the period on the back of new business won a year earlier and now expects to deliver a "significantly improved performance", while its feeds wing saw high demand over the summer followed up by weaker demand during key winter months but stated that overall performance was "satisfactory", albeit "a little behind" that of twelve months earlier.
NWF also told investors net debt was in line with its expectations and well below 1.0x net debt/underlying earnings.
Chief executive Richard Whiting said: "We finished the year strongly resulting in a performance ahead of our original expectations.
"There were solid contributions and encouraging performances within all three divisions, which reflected the benefit of ongoing performance improvement actions taken and acquisitions completed in recent years."
Looking forward, Whiting added that the group had entered the new financial year "in good shape", with strategic progress continuing.
As of 0945 BST, NWF shares had climbed 6.88% to 180.10p.
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