NWF Group PLC AGM Statement and Trading Update (0135S)
28 September 2017 - 4:00PM
UK Regulatory
TIDMNWF
RNS Number : 0135S
NWF Group PLC
28 September 2017
28 September 2017
NWF Group plc
NWF Group plc: AGM Statement and Trading Update
At the Annual General Meeting of NWF Group plc ('NWF' or the
Group), the specialist agricultural and distribution business
delivering feed, food and fuel across the UK, which is being held
later today, Sir 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.
"Trading has been ahead of the same period last year and in line
with the Board's expectations, with net debt reflecting the normal
seasonal fluctuations.
"Looking at each division in more detail: Feeds has continued to
focus on providing high quality nutritional advice and optimising
operational and transport efficiencies. Summer market volumes have
been robust as the milk price continues to improve, margins are in
line with our expectations and the anticipated cost savings from
our new operating platform are being delivered as planned.
"In the Food division, trading has been in line with our
expectations and the focus remains on business development to fully
utilise the Wardle site in 2018. Activity levels have followed the
normal seasonal pattern in the first quarter and service levels
remain good at 99.6%.
"Fuels has delivered a solid improvement in profitability
compared to prior year. Volumes have continued to increase,
particularly as a result of increased commercial business, with
road diesel contributing most significantly to the growth. The
price of Brent crude has moved between $45 and $54 per barrel
during the period.
"The Board's outlook for the financial year remains in line with
its expectations and we continue to focus on development
opportunities, both organic and through targeted acquisitions.
"Finally, I would like to thank NWF's stakeholders for their
support whilst I have been Chairman during the past 11 years and
wish Philip Acton all the best in leading the continued development
of the Group.
"As is its established practice, the Group will provide a
further trading update in December, following the end of the 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
Chris Belsham, Vera Prokhorenko Peel Hunt LLP
Finance Director MHP Communications (Nominated Adviser)
NWF Group plc Tel: 020 3128 8100 Tel: 020 7418 8900
Tel: 01829 260
260
This information is provided by RNS
The company news service from the London Stock Exchange
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