NWF Group PLC AGM Statement and Trading Update (0367C)
27 September 2018 - 4:00PM
UK Regulatory
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RNS Number : 0367C
NWF Group PLC
27 September 2018
NWF Group plc
27 September 2018
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 distributor of fuel, food and feed across
the UK, which is being held later today, Philip Acton, 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, our
quietest trading period.
Trading has been in line with the first quarter of the prior
year and the Board's expectations, with net debt reflecting the
normal seasonal fluctuations.
Looking at each division in detail: Fuels has seen some impact
from reduced market demand for heating oil as a result of the warm
summer and increased competitive pressure on road diesel and gas
oil. The price of Brent crude has moved between $69 and $79 per
barrel during the period.
Food has been trading in line with our expectations, working
with the new customers won in the last 12 months and improving both
warehouse and distribution operations. Whilst storage levels have
been a little higher than expected, and the Wardle facility is
full, outloads have been a little lower as a result of warmer
weather and lower demand for ambient groceries.
In the Feeds division, the business benefited from increased
demand for Feed as farming customers across the country were
impacted by a lack of forage during the very dry summer which led
to increased feed usage. The division has effectively managed
further increases in commodity prices, now at a five year high.
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,
supported by our strong balance sheet and banking facilities.
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, Chief Reg Hoare Justin Jones /
Executive MHP Communications Mike Bell
Chris Belsham, Finance Tel: 020 3128 8100 Peel Hunt LLP
Director (Nominated Adviser)
NWF Group plc Tel: 020 7418 8900
Tel: 01829 260 260
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END
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