NWF upbeat despite lower profits
CHESHIRE-based food, fuels and agricultural feed business NWF has hailed strong annual figures despite lower profits in parts of the business.
In the year to May revenues were down 1.5% to £537.7m while pre-tax profits slipped 9.5% to £7.7m, after stripping out an £800,000 pension cost.
The firm, based near Nantwich, said the feed division had benefitted from the acquisition of SC Feeds in November 2013, and grew volume in a “falling market”.
Operating profits at the food arm grew from £1.2m to £2m thanks to the consolidation of operations at Wardle, and profits were down to £3.2m from £4.4m in fuels business due to a warmer winter.
Chief executive Richard Whiting said: “This good set of results for the group has been achieved by clear targeted actions by management in all three divisions, which have been delivered in line with our plans. The successful acquisition of SC Feeds demonstrates our strategic intent and we are pleased with its performance since joining the group.”
The full year dividend is up 6.3% to 5.1p.
