NWF Group PLC AGM Statement and Trading Update (0551B)
September 29 2022 - 1:00AM
UK Regulatory
TIDMNWF
RNS Number : 0551B
NWF Group PLC
29 September 2022
NWF Group plc
NWF Group plc: AGM Statement and Trading Update
At the Annual General Meeting of NWF Group plc ('NWF' the
'Company' 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, which
commenced on 1 June 2022.
Trading in the first quarter, which is typically our quietest
period, has been strong. All three divisions have traded ahead of
the Board's expectations and ahead of the prior year, with the
Group remaining cash positive.
Looking at each division in detail:
In Fuels, whilst volumes have been lower year on year, the
Company has been able to manage the continued volatility in the
price of oil very effectively with the result that margins have
been higher than seasonal norms. Supply conditions have become more
normalised over the summer period, with full availability of all
fuel types across the country, although the price of Brent crude
oil has continued to fluctuate, in a range between $94 and $124 per
barrel. The Board continues to pursue a number of acquisition
opportunities in Fuels for further expansion of the business, in
line with our stated strategy.
The Food division has been trading ahead of expectations with
storage capacity almost fully utilised and benefitting from further
improvements in operating efficiencies. Demand from customers has
been stable and predictable over the period which has supported
operational efficiency, whilst storage volumes reached a peak of
129,000 pallet spaces (capacity 135,000 pallet spaces) during the
period.
In the Feeds division, performance has continued to show good
recovery. Volumes were stable in comparison to the prior year,
supported by an increase in demand in August, following the dry
summer. Margins have remained robust following price increases
underpinned by spot commodity prices trending downwards during the
period.
With the seasonally busier winter months to come, which are the
most material to the Group's performance, the Board's outlook for
the financial year remains unchanged at this early stage of the
year. 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 2022, 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 Reg Hoare / Catherine
Executive Chapman Mike Bell / Ed Allsopp
Chris Belsham, Group Finance
Director
NWF Group plc MHP Communications Peel Hunt LLP
(Nominated Adviser
and broker)
Tel: 01829 260 260 Tel: 020 3128 8339 Tel: 020 7418 8900
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END
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