Demand for fuel accelerated as NWF hails ‘strong performance’

NWF Group, the specialist distributor of fuel, food and feed, has hailed a ‘strong performance’ and expects its full year results to be ahead of previous expectation.

The Cheshire-based group said overall trading for the year to the end of May 2022, has been accelerated by demand for its fuel business amidst “significant volatility in the oil price.”

Its food business has also performed as planned with storage levels having increased quickly as manufacturers and importers respond to the strong demand seen in the first half.

It said the impact of Russia’s invasion of Ukraine has been most significant in fuels, with the price of Brent Crude over $120 per barrel and market volatility has led to elevated levels of demand.

It added that there has been no major supply issues and the group has continued to meet demand across the country.

“Feeds commodity prices, including wheat and barley, have increased to unprecedented highs, but with most raw materials now purchased for the winter period this impact will be most keenly felt as we move into May and the summer trading period,” NWF said.

“We continue to monitor the situation very closely and our thoughts are with all the people and their families impacted by this crisis.”