NWF Group PLC AGM Statement and Trading Update (8450K)
September 29 2016 - 1:00AM
UK Regulatory
TIDMNWF
RNS Number : 8450K
NWF Group PLC
29 September 2016
NWF Group plc
Final for release 7.00 a.m. 29 September 2016
NWF Group plc
NWF Group plc: AGM Statement and Trading Update
At the Annual General Meeting of NWF Group plc, the specialist
agricultural and distribution business delivering feed, food and
fuel across the UK, which is being held later today Mark Hudson,
Chairman, will make the following statement:
"I am pleased to give shareholders the following update on
trading for the first quarter of the new financial year,
traditionally our quietest trading period.
"While the Board's outlook for the year remains in line with its
expectations, trading in the first quarter has been challenging
with difficult market conditions continuing in Feeds and Fuels.
Investment in additional Feed capacity is on track and we expect to
benefit from this and further operational efficiencies over the
balance of the year.
"Looking at each division in more detail: Feeds has continued to
focus on providing high quality nutritional advice and direct sales
to farmers. Summer market volumes continued to be impacted by low
milk prices, albeit price increases for milk have now been
announced. The investment in our Cumbrian and Cheshire mills
continues on track to increase capacity and reduce the operational
cost base of the business.
"In the Food division, storage and activity levels have remained
strong and the business continues to use outside storage on a
planned flexible basis. Service levels have been maintained at
99.7%.
"Finally, Fuels has been impacted by lower demand for heating
oil over the warm summer months and whilst overall volumes are
strong, margins have been squeezed. Brent crude has moved between
$40 and $51 per barrel over the period.
"Overall we continue to focus on development opportunities, both
organic and through targeted acquisitions.
"The recruitment process continues for a new Group Finance
Director and we hope to make an announcement in the near
future.
"As we did last year we will provide a further trading update in
December, following the end of our half year on 30 November."
For further information please visit www.nwf.co.uk or
contact:
Richard Whiting, Reg Hoare /Andrew Leach Justin Jones /
Chief Executive / Mike Bell
NWF Group plc Kelsey Traynor Peel Hunt LLP
Tel: 01829 260 MHP Communications (Nominated Adviser)
260 Tel: 020 3128 8100 Tel: 020 7418 8900
This information is provided by RNS
The company news service from the London Stock Exchange
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