NWF Group Plc - Trading Update and Notice of Results
NWF Group plc: Year End Trading Update and Notice of Results
NWF Group plc ('NWF' or the Group), the specialist distributor of fuel, food and feed across the UK, today announces a trading update for the year ended 31 May 2019 and its notice of results.
The Group is pleased to report that overall trading for the financial year ended 31 May 2019 is expected to be above market expectations following a strong end to the year.
· Strong performance benefiting from good results across the depot network and effective management of a volatile oil price. Results anticipated to be ahead of expectations, despite the milder winter, but behind the record prior year.
· In line with our strategy we have completed two fuel acquisitions in the year, one in the Midlands complementing our existing business in the area, and one expanding our geographical reach in the South West.
· The Wardle site has remained full throughout the period as a consequence of new business won in the prior 12 months. It is expected to deliver significantly improved performance with the benefit of new customers and staff operating more effectively. The additional stock holding requirements and activity around Brexit have supported the performance.
· High demand over the summer was followed by weaker demand over the key winter months as a consequence of mild weather and less demand for sheep feed. Overall performance was satisfactory, albeit expected to be a little behind the prior year.
Net debt was in line with the Board's expectations at the year end (well below 1.0x Net Debt/EBITDA) and includes the cost of the two acquisitions made during the year.
Notice of results
NWF will announce its final results for the year ended 31 May 2019 on Tuesday 30 July 2019.
Richard Whiting, Chief Executive of NWF said:
"We finished the year strongly resulting in a performance ahead of our original expectations. There were solid contributions and encouraging performances within all three divisions, which reflected the benefit of ongoing performance improvement actions taken and acquisitions completed in recent years. We entered the new financial year in good shape with strategic progress continuing."