Last checked at (Sharecast News) - Specialist fuel, food and feed distributor NWF Group updated the market on its trading in the first quarter - its quietest period - on Thursday, reporting that it was "marginally ahead" of the same period last year, as well as the board's expectations.
The AIM-traded firm, which was holding its annual general meeting, said net debt in the three months ended 31 August reflected the usual seasonal fluctuations.
Chairman Philip Acton said looking at each division, fuels had been trading ahead of last year, with its recent acquisitions performing as planned and the subsequent integration progressing smoothly.
"The business continues to invest in systems and people which will improve efficiencies and provide a strong platform for continued growth," he said.
Food had been trading in line with the board's expectations, fully utilising the Wardle facility and continuing to improve operating effectiveness as it moved into its "critical" autumn and Christmas trading period, Acton explained.
In the Feeds division, he said the business had performed as planned, with market volumes in the period being "significantly lower" than the prior year, which had benefited from additional feed requirements resulting from the unusually dry summer.
"Positively, despite this, NWF feed volumes have remained robust in the period."
Philip Acton said the board's outlook for the financial year remained in line with its expectations, adding that it was continuing to focus on development opportunities, both organic and through targeted acquisitions, supported by its "strong" balance sheet and banking facilities.
"We are also well prepared - whatever the outcome - for Brexit, as the fundamentals of our markets are unchanged and we continue to monitor and plan contingencies with customers and suppliers.
"Overall, the Board continues to have confidence in the group's future prospects."
NWF Group said it would provide a further trading update in December, following the end of its half year on 30 November.
10 Aug 2010 16:54
Strong food distribution growth at NWF
Distribution group NWF reported growth in full year profits, helped by lower interest charges, but it will be difficult to repeat those profits this year. Underlying profits improved from £6.2m to £7.1m on flat revenues of £379.8m in the year to May 2010. The total dividend was raised from 4.1p a
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