Trading update
The Group expects that overall trading for the half year will be ahead of prior year and the Board remains confident of delivering its full year expectations. Net debt was also lower than at 30 November 2017.
Fuels:
· There was some impact over the warm summer months with reduced demand for heating oil and strong competition for diesel and gas oil. In the autumn months the business performed as anticipated.
· In line with our strategy we are also pleased to announce the acquisition of Midland Fuel Oil Supplies Limited, a small 12 million litre fuel distributor based in Solihull, on 1 December 2018. The acquisition consolidates our market position to the South and East of Birmingham.
Food:
· The Wardle site has remained full throughout the period as a consequence of new business won in the prior 12 months. It continues to see success in winning new business.
Feeds:
· Demand was strong over the summer months as grazing was limited due to the very dry spell, which led to higher feed rates across the country. The business continues to benefit from investment made in prior years. The business has performed as expected during the autumn months.
Notice of results
NWF will announce its half year results for the six months ended 30 November 2018 on Tuesday 29 January 2019.
A meeting will be held for analysts at 9.30 a.m. on the day of the results announcement at MHP Communications, 6 Agar Street, London, WC2N 4HN.
Information for investors, including analyst consensus forecasts, can be found on the Group's website at www.nwf.co.uk