Warm weather dampens NWF’s profits

AGRICULTURAL supplies business NWF Group has said that its profits for the six months to November 30 are likely to be slightly weaker than the “strong” comparative achieved last year due to warmer weather.

The Nantwich-based firm said it has traded largely in line with the board’s expectations, and that its feeds business had increased its share of a market which was impacted by high feed costs and good grazing conditions.

Similarly, its fuels business was also impacted by the warmer weather, but it said the recently-acquired Swan Petroleum business was being integrated as planned and was performing in line with expectations.

The company also said that net debt at its year end was likely to be higher than last year “reflecting the increased revenue level of the group” as a result of recent acquisitions.

It has also completed a successful refinancing with Royal Bank of Scotland, which has provided loans that will expire in October 2015.

“This has been provided at existing competitive rates and supports the future development of the group.”