Lower prices make for ‘difficult’ Q1 at NWF
CHESHIRE-based food, fuels and agricultural feed business NWF, said it is on track despite higher commodity prices squeezing margins.
In an AGM statement the firm described the first quarter as “difficult” but said the group, based near Nantwich, remained broadly in line with management expectations.
Chairman Mark Hudson said feed volumes were robust but margins have been hit by significant price reductions in the commodity markets and the announcement of the recent reductions in milk prices across the UK.
He added: “In the food division, the business has remained stable with the normal seasonal reduction in activity across the summer months. All customers are now located at the main Wardle site, which is full and continues to operate efficiently. Service levels have been maintained at 99.7%.
“Finally, the fuels business performed broadly as planned across the quieter summer months against a back drop of volatile and generally lower Brent crude prices, which fluctuated between $115 and $96 per barrel since the period end.”