NWF Group PLC - Nantwich, England-based agricultural feed, food and fuel distributor - Says positive momentum has been sustained through to the second half of financial 2023, and forecasts the full year headline pretax profit to be ahead of current market expectations of GBP17.5 million. Now expects headline pretax profit to go over GBP19.0 million. Adds, net cash at year-end will be higher than expected due to stronger trading result and positive working capital managements. Also notes food demand continues to be "robust," and cites "solid demand" for ruminant feed.
Also, announces completion of renewal of banking facilities with Nat West Group for a three-year term. Says facilities of GBP61 million are an invoice discounting facility of GBP50 million, a revolving credit facility of GBP10 million and an overdraft of GBP1 million.
Chief Executive Officer Richard Withing says: "We have delivered a very strong result for the group, and it's great to report that all three divisions have performed ahead of expectations in spite of the inflationary and cost of living challenges. The group is well positioned with a net cash position and new banking facilities to further develop and grow."
Current stock price: 271.80 pence, up 5.6% on Friday
12-month change: up 22%
By Sabrina Penty, Alliance News reporter
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Nwf (NWF)