Growing NWF looks to acquisitions
FOOD, fuel and feed distributor NWF is looking for acquisitions to expand parts of its business.
The group, based near Nantwich, Cheshire, said trading had met management expectations during the first quarter of its financial year.
And NWF is now looking at ways it can expand its fuels division.
In a statement released ahead of the company’s AGM today, chairman Mark Hudson said the fuel business had traded in line with expectation despite oil price volatility.
He said: “We are continuing to pursue both new start ups and potential bolt on acquisition opportunities in this division.”
The food distribution arm is now moving to a 24-hour operation and has “robust levels of demand going forward”. Mr Hudson said the feeds business had been slower than normal during the sumer.
He added: “Overall the group continues to trade in line with expectations and we are working to develop the group further from the strong platform established in 2009, whilst maintaining our lower levels of debt.”
Founded in 1871 to supply Cheshire farmers, NWF has benefited from the decision to sell its garden centre business and focus on distribution.
In the year to May 30 pre-tax profits rose by 47.6% to £6.2m while revenues increased by 5.4% to £380.6m. The £14.5m it received from the sale of the garden centre business has been used to cut group debt by 63% to £19.3m.
