Farming firm announces acquisition of Lancashire business

Farm food and fuels group NWF saw revenues rise by almost 10% to £671.3m in the last 12 months.

The Cheshire company published its full results on the same day it announced the acquisition of Ribble Fuel Oils – a 75 million litre business trading across four depot locations in the North West of England

However, headline operating profit fell by 3.8% to £10.2m at the Cheshire firm.

As a result headline profit before taxation fell by almost 5% to £9.7m.

Despite the fall in profit the firm said the businesses was performing ahead of original market expectations but behind the record prior year.

There was revenue growth in all three divisions – a result of increased activity and higher commodity prices

This included a very strong profit improvement in food due to improved operational effectiveness with new customers

Three acquisitions in the fuels division also helped with an increased geographic reach.

Chie executive Richard Whiting said: “NWF has delivered a result ahead of original market expectations and the business is continuing to develop in line with our strategy.

“The fuels division has performed well in spite of a mild winter and has completed three acquisitions adding 20% to its volumes.

“Food has outperformed management’s expectations with new customers and employees working effectively in a business which has been at capacity throughout the year.

“Feeds has delivered a stable result in spite of variable market conditions. We are proposing an increased dividend and continue to see opportunity for further strategic and operational progress. Trading in the current financial year to date has been in line with our expectations.”