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LONDON (Alliance News) - Agricultural and distribution company NWF Group PLC on Tuesday said trading for the year to the end of May was in line with its expectations.
NWF said profitability in its Feeds division improved over the year, despite continued challenges in the dairy market. The Feeds unit increased its UK market share and the acquisitions made during the year, New Breed and Jim Peet Agriculture, are performing in line.
For the group's Food unit, the business remained at capacity through the year and delivered operating efficiency and profitability improvements.
The Fuels arm, meanwhile, has seen volumes increase, albeit with profit taking a hit from lower heating oil demand due to warm weather conditions during the winter months. Staffordshire Fuels, acquired during the financial year, is trading in line.
NWF will publish its annual results on August 3.
"NWF delivered another robust trading performance last year. Significant progress has been made in the strategic development of the Group, with three acquisitions completed and all performing well, and a significant capital expenditure programme. Market conditions remain tough, but NWF continues to grow and invest in developments supported by its strong cash flow," said NWF Chief Executive Richard Whiting.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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