(Alliance News) - NWF Group PLC on Thursday said trading in the first quarter of financial 2021 has been consistent with board's expectations, with Fuel and Feeds divisions leading in terms of performance.
The animal food manufacturing company - which has its annual general meeting scheduled for Thursday - said its Fuels division has traded in line with expectations, with effective management of lower levels of commercial demand than in the prior year. It stated that acquisitions are performing as planned, adding that it continues seek acquisition opportunities for further expansion of the business.
While the Feeds division has performed as planned with stability in the dairy market and relatively little change in commodity prices, the Food business has been trading behind the year prior. It stated that in the food division, there has been significant demand volatility, with increased orders from supermarkets and lower levels from the food service sector. Continued volatility of demand is expected in the coming months as a result of Covid-19 and Brexit uncertainty.
Looking ahead, NWF said: "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. We are also well prepared for future impacts of Covid-19 and Brexit, as the fundamentals of our markets are unchanged. We continue to target development opportunities supported by our strong balance sheet and banking facilities."
Shares in NWF were trading 5.7% higher at 178.80 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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