Nwf Share News (NWF)

(ShareCast News) - Agricultural and food distribution company NWF posted full year results with profits on the rise but revenue down due to lower commodity prices.The company said group revenue was down by 8% to £492.3m in the year to May, but adjusted profit before tax came in at £8.1m, ahead of analysts' expectations, and up 5% year on year.Basic earnings per share were up 6.5% to 5.4p from 5.1p, and company boosted its full year dividend by 6% to 5.4p.NWF, which divides its business into feeds, food and fuels segments said a challenging year in the ruminant feed markets and reduced milk pries saw underlying profit in the feed segment fall to £1.8m from £3.3m.Underlying operating profit in the food division was up 25% to £2.5m from £2m, while fuel profits were up to £4.3m from £3.2m.Shore Capital said kept a 'hold' rating on the stock and price target of 157p, and said it was unlikely to make major changes to expectations for 2016.Analyst Phil Carroll said shares were trading at 2.4x earnings and that was a fair valuation given the challenging agricultural market backdrop and uncertain food retail industry environment.Shares in NWF were down by 0.99% to 158.56p at 1133 BST.