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Trading Update and Notice of Results

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RNS Number : 0258C
NWF Group PLC
13 June 2019
 

NWF Group plc

NWF Group plc 

NWF Group plc: Year End Trading Update and Notice of Results

 

NWF Group plc ('NWF' or the Group), the specialist distributor of fuel, food and feed across the UK, today announces a trading update for the year ended 31 May 2019 and its notice of results.

Trading update

The Group is pleased to report that overall trading for the financial year ended 31 May 2019 is expected to be above market expectations following a strong end to the year.

Fuels:

·    Strong performance benefiting from good results across the depot network and effective management of a volatile oil price. Results anticipated to be ahead of expectations, despite the milder winter, but behind the record prior year.

·    In line with our strategy we have completed two fuel acquisitions in the year, one in the Midlands complementing our existing business in the area, and one expanding our geographical reach in the South West.

 

Food:

·    The Wardle site has remained full throughout the period as a consequence of new business won in the prior 12 months. It is expected to deliver significantly improved performance with the benefit of new customers and staff operating more effectively. The additional stock holding requirements and activity around Brexit have supported the performance.

 

Feeds:

·      High demand over the summer was followed by weaker demand over the key winter months as a consequence of mild weather and less demand for sheep feed. Overall performance was satisfactory, albeit expected to be a little behind the prior year.

 

Net debt was in line with the Board's expectations at the year end (well below 1.0x Net Debt/EBITDA) and includes the cost of the two acquisitions made during the year.

Notice of results

NWF will announce its final results for the year ended 31 May 2019 on Tuesday 30 July 2019.

Richard Whiting, Chief Executive of NWF 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. We entered the new financial year in good shape with strategic progress continuing."

 

 

A meeting will be held for analysts at 9.30 a.m. on the day of the results announcement at MHP Communications, 6 Agar Street, London, WC2N 4HN.

Information for investors, including analyst consensus forecasts, can be found on the Group's website at www.nwf.co.uk

 

Richard Whiting, Chief Executive

Chris Belsham, Finance Director

NWF Group plc
Tel: 01829 260 260


 

Reg Hoare /

Patrick Hanrahan

MHP Communications
Tel: 020 3128 8100


 

Justin Jones /

Mike Bell

Peel Hunt LLP (Nominated adviser)
Tel:0 020 7418 8900

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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TSTEAKKAFAANEFF

Quick facts: NWF Group plc

Price: 161

Market: AIM
Market Cap: £78.49 m
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