Farming and fuels group reports steady first quarter trading
NWF, the Cheshire-based farming and fuels group, said today that trading was slightly ahead in its first quarter, normally its quietest trading period.
The group said chairman Philip Acton will tell its annual general meeting later today that trading is marginally ahead in the quarter since June 1, while net debt reflects the normal seasonal fluctuations.
Looking at each division in detail, he said: “Fuels has traded ahead of prior year, with the recent acquisitions performing as planned and integration progressing smoothly.”
The business made three fuels-related acquisitions last year.
Mr Acton continued: “The business continues to invest in systems and people which will improve efficiencies and provide a strong platform for continued growth.
“Food has been trading in line with our expectations, fully utilising the Wardle facility and continuing to improve operating effectiveness as we move into its critical Autumn/Christmas trading period.
“In the feeds division, the business has performed as planned, market volumes in the period being significantly lower than prior year which had benefited from additional feed requirements resulting from the unusually dry Summer. Positively, despite this, NWF feed volumes have remained robust in the period.”
He added: “The board’s outlook for the financial year remains in line with its expectations and we continue to focus on development opportunities, both organic and through targeted acquisitions, supported by our strong balance sheet and banking facilities.
“We are also well prepared – whatever the outcome – for Brexit, as the fundamentals of our markets are unchanged and we continue to monitor and plan contingencies with customers and suppliers. Overall, the board continues to have confidence in the group’s future prospects.”
He said, as is its established practice, the group will provide a further trading update in December, following the end of its half year on November 30.
