NWF Group PLC Trading Statement (0408P)
16 June 2022 - 4:00PM
UK Regulatory
TIDMNWF
RNS Number : 0408P
NWF Group PLC
16 June 2022
NWF Group plc
For release 7.00 a.m. 16 June 2022
NWF Group plc
NWF Group plc: Trading Update
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 2022.
Trading update
The Group is pleased to report it has delivered a record year,
in line with its trading update issued on 10 May 2022, and a
materially stronger performance than had been expected at the
beginning of the financial year. These results demonstrate both the
resilience of the Group and its ability to deliver a good financial
performance in volatile market conditions. Cash generation has
remained strong and the Group was cash positive at the year-end,
compared to reporting net debt last year.
Fuels:
Outstanding performance which benefitted from very significant
short-term volatility in oil prices and periods when the UK market
was supply constrained. The teams in the Group's 25 depots have
focused on maintaining service to existing customers which at times
has involved trunking fuel across the country to meet regional
shortfalls and adapting pricing strategies to mitigate exposure to
the challenging commodity price fluctuations.
Food:
A strong performance across the year with warehouses at an
effective operating capacity, and the achievement of significant
efficiency improvements. The business has also been successful at
passing on inflationary costs by working closely with customers and
maintaining high service levels.
Feeds:
Good recovery in performance in the second half with the
business effectively managing the commodity market price increases
and volatility, particularly in the final quarter. Positively,
increases in milk prices have been implemented to ensure farmers
are incentivised to produce milk despite having higher energy,
fertiliser, and feed price inputs.
Richard Whiting, Chief Executive of NWF said:
"We have delivered a record result driven by high levels of
service provided to customers across the Group. The outperformance
is principally attributed to the Fuels division where there were
both fuel availability issues and significant price volatility. Our
depot-based operating model has again proved robust in providing
service to local customers, whilst utilising our national supply
agreements to ensure we maintain deliveries to all our customers.
We entered the new financial year in good shape with strategic
progress continuing and a more stable operating environment for the
Fuels Division."
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 Mike Bell/Ed Allsopp
Executive Chapman Peel Hunt LLP
Chris Belsham, Finance MHP Communications (Nominated Adviser)
Director Tel: 020 3128 8170 Tel: 020 7418 8900
NWF Group plc
Tel: 01829 260 260
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END
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