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(Sharecast News) - Fuel, food and feed distributor NWF Group said on Thursday that trading in its first quarter had been consistent with its own expectations, with net debt reflecting the usual seasonal fluctuations.
The AIM-traded firm, which was holding its annual general meeting, said its fuels division had traded in line with expectations, with effective management of lower levels of commercial demand than in the prior year reflecting reduced economic activity across the UK, while acquisitions performed as planned.
It said it was continuing to look at acquisition opportunities for further expansion of the business, in line with its strategy.
The food operation was trading behind the prior year, however, as stock was repositioned to fill the new Crewe warehouse.
There had also been "significant" demand volatility in the short term, with increased orders from supermarkets and lower levels from the food service sector.
NWF said it was expecting continued volatility of demand in the coming months, as a result of the ongoing Covid-19 pandemic and Brexit uncertainty.
In the feeds division, the company said it had performed as planned, with stability in the dairy market and "relatively little change" in commodity prices in the period.
"The board's outlook for the financial year remains in line with its previous expectations and we continue to focus on ensuring we provide high service levels to all our customers whilst keeping our people safe and secure," said chairman Philip Acton.
"We are also well prepared for future impacts of Covid-19 and Brexit, as the fundamentals of our markets are unchanged.
"Overall, the board continues to have confidence in the group's future prospects and we continue to target development opportunities supported by our strong balance sheet and banking facilities."
NWF said it would provide a further trading update in December, following the end of its half-year on 30 November.
At 1151 BST, shares in NWF Group were down 9.23% at 172p.
25 Sep 2014 08:03