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(Alliance News) - Fuel, food and animal feeds distributor NWF Group PLC on Thursday guided for its annual results to top market expectations as it finished the year strongly.
Shares were 5.0% higher in morning trade at 177.00 pence each.
The Fuels business registered a strong performance in the year to May 31, with results set to beat expectations despite a mild winter. They will still be behind year-on-year, however.
In Food, NWF expects a "significantly" improved performance, with additional stock holding requirements and activity caused by Brexit providing a boost.
NWF's Feeds unit recorded high demand over the summer of 2018, though this was weaker during the winter due to mild weather and lower demand for sheep feed. Performance was "satisfactory", though will be behind "a little" year-on-year.
Net debt at the end of May met board expectations, notwithstanding two acquisitions made during the period.
NWF will release the annual results on July 30. Chief Executive Richard Whiting commented: "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."
In its year ended May 2018, NWF posted pretax profit of GBP9.7 million, up 45% on the year before, and revenue of GBP611.0 million, 9.9% higher year-on-year.
