NWF Group - AGM Statement & Trading Update
NWF Group plc
NWF Group plc: AGM Statement and Trading Update
At the Annual General Meeting of NWF Group plc ('NWF' or the Group), the specialist distributor of fuel, food and feed across the UK, which is being held later today, Philip Acton, Chairman, will make the following statement:
"I am pleased to give shareholders the following update on trading for the first quarter of the new financial year that commenced 1 June 2019, our quietest trading period.
Trading has been marginally ahead of the first quarter of the prior year and the Board's expectations, with net debt reflecting the normal seasonal fluctuations.
Looking at each division in detail: Fuels has traded ahead of prior year, with the recent acquisitions performing as planned and integration progressing smoothly. The business continues to invest in systems and people which will improve efficiencies and provide a strong platform for continued growth.
Food has been trading in line with our expectations, fully utilising the Wardle facility and continuing to improve operating effectiveness as we move into its critical Autumn / Christmas trading period.
In the Feeds division, the business has performed as planned, market volumes in the period being significantly lower than prior year which had benefited from additional feed requirements resulting from the unusually dry summer. Positively, despite this, NWF feed volumes have remained robust in the period.
The Board's outlook for the financial year remains in line with its expectations and we continue to focus on development opportunities, both organic and through targeted acquisitions, supported by our strong balance sheet and banking facilities. We are also well prepared - whatever the outcome - for Brexit, as the fundamentals of our markets are unchanged and we continue to monitor and plan contingencies with customers and suppliers. Overall, the Board continues to have confidence in the Group's future prospects.
As is its established practice, the Group will provide a further trading update in December, following the end of its half year on 30 November."