NWF says farm feeds help results hit upper end of expectations

Agricultural and distribution group NWF said its forthcoming full-year results will be at the upper end of market expectations thanks to its animal feeds business gaining market share.Feeds saw more subdued market demand than the previous year, yet the division increased market share, particularly in the dairy sector, as it focused on directly supplying farmers across the country and benefited from the acquisition of SC Feeds in November 2013. Chief Executive Richard Whiting said further investments were planned in agriculture and that a newly agreed long-term bank facility would support this.The smaller grocery distribution division exited a warehouse facility in Deeside in order to focus on Wardle in Greater Manchester. Future performance has been underpinned thanks to long-term contracts agreed with a number of major customers.Despite more mild winter and spring weather conditions resulting in "significantly reduced demand" for heating oil, its fuels division "performed well".Chief Executive Richard Whiting said further investments were planned in agriculture: "NWF has delivered another solid performance and we are developing successfully as a result of targeted initiatives in all three of our divisions."Shares in NWF quickly rose 6.5p, or 4.18%, to 162p and were still at that level at 15:40 on Tuesday. OH