Food and fuel firm sees 35% increase in profits

Food and fuel distributor NWF saw profits increase by 25% to £3m over the last six months.

The Cheshire based firm as released its half year results and said revenues were up by 5.6% to £348.9m.

Headline operating profit increased by 34.6% to £3.5m.

The company said revenue grew with increased activity levels in all divisions.

Two acquisitions in the fuels business were completed during the period with one further acquisition completed post period end, adding 115 million litres per annum in aggregate.

A new 240,000 ft2 warehouse has been secured which will significantly expand the food division, to support continued organic growth and a new five year contract with a major customer.

As a result the board’s full year trading expectations remain unchanged.

Richard Whiting, Chief Executive, NWF Group, said: “We had a very positive first half, with all divisions trading in line with, or exceeding, expectations.

“We have continued the expansion of NWF in line with our strategy; acquiring five fuel businesses in the last 12 months, increasing our annualised volumes by almost 30%.

“We are also significantly expanding the Food division with a major new contract and warehouse, which is expected to benefit our next financial year.

“Current trading is in line with the Board’s expectations for the full financial year.”