Farming supply firm sees 11% increase in revenues

A firm which specialises in distributing fuel, food and feed to the farming community has seen its revenues increase by more than 11%.

NWF Group, which is based in Nantwich in Cheshire, published half year results this morning.

Revenues increased by 11.7% to £330.5m and operating profit was up 8.3% to £2.6m.

The increase in revenue was driven by the increased activity in food and feeds and higher commodity prices.

In the fuels side of the business operating profit of £900,000. The warm summer reduced demand for heating oil with performance in the autumn months as planned.

When it came to food headline operating profit was £1m. Profit was in line with expectations, demonstrating a strong recovery as planned from the second half of the year.

Richard Whiting, chief executive, NWF Group, said: “NWF has delivered profit improvement in line with our expectations in the first half year with each of the divisions performing as planned.

“The profit recovery in food and the strong performance of feeds over the summer are of particular note.

“It was pleasing to report delivery on our strategy with the acquisition of Midland Fuel Oil Supplies after the period end. Current trading is in line with the board’s expectations for the full financial year.”