NWF Group PLC Trading Update and Notice of Results (5515B)
11 June 2021 - 4:00PM
UK Regulatory
TIDMNWF
RNS Number : 5515B
NWF Group PLC
11 June 2021
For release 7.00am Friday 11 June 2021
NWF Group plc
NWF Group plc: Trading Update and Notice of Results
NWF Group plc ('NWF' or the Group), the specialist distributor
of fuel, food and feed across the UK, today announces a trading
update for the year ended 31 May 2021 and its notice of
results.
Trading update
The Group is pleased to report that it saw strong overall
trading performance in the fourth quarter and as a result, headline
profit before tax for the financial year ended 31 May 2021 is now
expected to be ahead of market expectations which were established
before the pandemic, demonstrating the continued resilience of the
Group.
All divisions have remained fully operational throughout the
year with safe methods of working and home working implemented
where possible. The Group has continued its policy not to furlough
any staff or utilise any form of Government support.
Fuels:
-- A strong performance ahead of expectations from across the
depot network with continued mix improvement from heating oil and
gas oil. Heating oil sales have been supported by a cold winter and
continued home working during the period.
-- The Board continues appraising earnings accretive acquisition
opportunities in line with the strategy of consolidating a
fragmented UK Fuels market.
Food:
-- Business performance improved in the second half in line with
expectations following more stable demand patterns and improved
business efficiency.
-- The new Crewe warehouse remains fully utilised and sets a good benchmark for efficiency.
Feeds:
-- Continued to support customers during challenging times by
providing nutritional advice and on time deliveries.
-- Margins came under pressure during the key winter months with
commodity price increases and reduced visibility during the cyber
incident.
Net debt at the year-end is now expected to be lower than
previous expectations as a result of the stronger trading result,
together with ongoing disciplined cash management across the Group
and capital expenditure being lower than planned.
Notice of results
NWF will announce its final results for the year ended 31 May
2021 on Tuesday 3 August 2021.
There will be a webcast or conference call option for analysts
on the day at 9.30am. Please contact MHP via
ailsa.prestige@mhpc.com or 020 3128 8734 if you would like to receive details.
Richard Whiting, Chief Executive of NWF said:
"We've delivered a positive result ahead of expectations set
before the pandemic, demonstrating great business resilience,
despite the challenges of Covid-19, Brexit uncertainty, a cyber
incident and unprecedented commodity price increases. Our teams
have worked hard during the year meeting customers' needs whilst
staying safe. We have entered the new financial year in good shape
with strategic progress continuing."
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of those Regulations.
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 / James Bavister
Executive / Mike Bell / Ed Allsopp
Chris Belsham, Group Finance
Director Ailsa Prestige
NWF Group plc MHP Communications Peel Hunt LLP
(Nominated Advisor)
Tel: 01829 260 260 Tel: 020 3128 8591 Tel: 020 7418 8900
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END
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