NWF Group PLC AGM Statement and Trading Update (4399N)
September 30 2021 - 1:00AM
UK Regulatory
TIDMNWF
RNS Number : 4399N
NWF Group PLC
30 September 2021
For release 7.00am Thursday 30 September 2021
NWF Group plc
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NWF Group plc: AGM Statement and Trading Update
At the Annual General Meeting of NWF Group plc ('NWF' or the
Group), the specialist distributor of fuel, food and feed across
the UK , which is being held later today, Philip Acton, Chair, 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 that
commenced on 1 June 2021.
Overall trading in the first quarter, which is typically our
quietest period, has been consistent with the Board's expectations
and ahead of the prior year, with a reduction in net debt compared
to the same period last year.
Looking at each division in detail: Fuels has managed the
expected increased level of commercial demand over the prior year
and traded in line with expectations over the quiet summer period.
The price of Brent crude has fluctuated in a range between $66 and
$78 per barrel. The Board continues to look at acquisition
opportunities in Fuels for further expansion of the business, in
line with our stated strategy.
Food has been trading ahead of expectations with robust demand
across all sectors; storage has been fully utilised and operating
efficiency has continued to improve. Our successful strategy to
recruit HGV drivers and reduce reliance on agency drivers has
enabled the Group to maintain driver numbers at a satisfactory
level; driver pay increases have been passed on to customers.
In the Feeds division, volumes are lower given lower levels of
merchant business and good forage conditions, resulting in a weaker
performance against expectations over the quieter summer period.
Looking ahead, the strong milk price is supportive of demand from
dairy farmers, the most significant customer segment. Commodity
prices have remained elevated in the year to date.
We have noted recent press comment reflecting concerns around
the availability of drivers, including the current issues with
retail petrol availability. As a business with proven capability to
manage its supply chain and delivery infrastructure effectively, we
are pleased to report that we have not been negatively impacted by
these issues and remain focused on supporting our domestic and
commercial customers.
The Board's outlook for the financial year remains in line with
its previous expectations. We continue to have confidence in the
Group's future prospects and to target development opportunities
supported by our strong balance sheet and banking facilities.
As is its established practice, the Group will provide a further
trading update in December 2021, following the end of its half year
on 30 November ."
Information for investors, including analyst consensus
forecasts, can be found on the Group's website at
www.nwf.co.uk.
Richard Whiting, Chief
Executive Reg Hoare / James Bavister Mike Bell / Ed Allsopp
Chris Belsham, Group Finance
Director
NWF Group plc MHP Communications Peel Hunt LLP
(Nominated Advisor)
Tel: 01829 260 260 Tel: 020 3128 8170 Tel: 020 7418 8900
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