NWF hails record half year results
CHESHIRE-based food, fuels and agricultural feed business has reported record half year profits and says it is set fair for the rest of the financial year.
Profits in the six months to the end of November, excluding a £400,000 net finance charge, surged 37.5% to £3.3m on revenue 1% higher at £259.1m.
Chief executive Richard Whiting hailed a “very solid” performance with all three divisions performing in line with expectations, in what is traditionally NWF’s quieter half.
He told TheBusinessDesk.com: “We are delivering on our strategy of growing our agricultural feeds business with the acquisition on the last day of the first half of SC Feeds.
“The integration is going well, and we are out-performing the market by growing out volumes direct to farmers by 10%.
“In our food distribution and warehousing business we have agreed a three-year deal with Princes, our largest customer. We have also began to exit our facility at Deeside in line with our plan to centralise activities at Wardle.
“In fuels we have become more efficient and changed the product mix. Even though December and January haven’t been as cold, which will affect volumes, the outlook there is unchanged too.”
Mr Whiting said the Deeside exit should save NWF between £200,000 to £300,000 per year.
Regarding feeds he said there were no further acquisitions imminent, but the group is talking all the time to potential vendors.
“There are something like 17 other players in that field and we are in dialogue with them all the time. Typically they are private family businesses, like SC Feeds.”
