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NWF Group Plc - Half-year Results ended November 2019

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NWF Group plc   

Half Year results for the period ended 30 Novemebr 2019                                                                                               

NWF Group plc ('NWF' or the Group), the specialist distributor of fuel, food and feed across the UK, today announces its half year results for the period ended 30 November 2019.

Financial highlights





H1 2019

H1 2018






Headline operating profit1 2




Headline profit before taxation1 2





Fully diluted headline earnings per share1




Interim dividend per share




Net debt (excl. IFRS 16 lease liabilities)





Net debt to EBITDA (excl. IFRS 16 lease liabilities)





Net debt (incl. IFRS 16 lease liabilities)


Statutory results






Operating profit2




Profit before taxation2




Fully diluted earnings per share








1 Headline operating profit excludes exceptional items (see note 4) and amortisation of acquired intangibles. Headline profit before taxation excludes exceptional items, amortisation of acquired intangibles and the net finance cost in respect of the Group's defined benefit pension scheme. Diluted headline earnings per share also takes into account the taxation effect thereon.

2 Results for H1 2019 are presented following the adoption of IFRS 16 'Leases', the impact of which is to increase operating profit and headline operating profit by £0.1 million.  Profit before taxation and headline profit before taxation are reduced by £0.1 million with the inclusion of £0.2 million of finance costs under the new standard.  The Group has elected to apply the simplified transition approach and as such comparative periods have not been restated.

Group highlights:

  • Revenue growth with increased activity levels in all divisions.
  • Two Fuels acquisitions completed during the period in line with our strategy, with one further acquisition completed post period end, adding 115 million litres per annum in aggregate.
  • New 240,000 ft2 warehouse secured which will significantly expand the Food division, to support continued organic growth and a new five year contract with a major Food customer.
  • Board's full year trading expectations remain unchanged.

Divisional highlights:

  • Fuels - headline operating profit of £1.4 million (H1 2018: £0.9 million). Increased underlying sales of gas oil and heating oil together with a positive contribution from acquisitions
  • Food - headline operating profit of £1.4 million (H1 2018: £1.0 million). Continued profit improvement from operational efficiencies.   Post period end, a new five year contract has been signed with a major customer and a new warehouse to support anticipated growth
  • Feeds - headline operating profit of £0.7 million (H1 2018: £0.7 million). Gained market share with volume growth against a backdrop of lower market volumes.  Profit has been maintained despite lower commodity prices.

Richard Whiting, Chief Executive, NWF Group plc, commented:

"We had a very positive first half, with all divisions trading in line with, or exceeding, expectations. We have continued the expansion of NWF in line with our strategy; acquiring five fuel businesses in the last 12 months, increasing our annualised volumes by almost 30%. We are also significantly expanding the Food division with a major new contract and warehouse, which is expected to benefit our next financial year. Current trading is in line with the Board's expectations for the full financial year."