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Pin to quick picksNwf Regulatory News (NWF)

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AGM Statement and Trading Update

29 Sep 2022 07:00

RNS Number : 0551B
NWF Group PLC
29 September 2022
 

NWF Group plc

 

NWF Group plc: AGM Statement and Trading Update

 

At the Annual General Meeting of NWF Group plc ('NWF' the 'Company' or the Group), the specialist distributor of fuel, food and feed across the UK, which is being held later today, Philip Acton, Chair, will make the following statement:

"I am pleased to give shareholders the following update on trading for the first quarter of the new financial year, which commenced on 1 June 2022.

Trading in the first quarter, which is typically our quietest period, has been strong. All three divisions have traded ahead of the Board's expectations and ahead of the prior year, with the Group remaining cash positive.

Looking at each division in detail:

In Fuels, whilst volumes have been lower year on year, the Company has been able to manage the continued volatility in the price of oil very effectively with the result that margins have been higher than seasonal norms. Supply conditions have become more normalised over the summer period, with full availability of all fuel types across the country, although the price of Brent crude oil has continued to fluctuate, in a range between $94 and $124 per barrel. The Board continues to pursue a number of acquisition opportunities in Fuels for further expansion of the business, in line with our stated strategy.

The Food division has been trading ahead of expectations with storage capacity almost fully utilised and benefitting from further improvements in operating efficiencies. Demand from customers has been stable and predictable over the period which has supported operational efficiency, whilst storage volumes reached a peak of 129,000 pallet spaces (capacity 135,000 pallet spaces) during the period.

In the Feeds division, performance has continued to show good recovery. Volumes were stable in comparison to the prior year, supported by an increase in demand in August, following the dry summer. Margins have remained robust following price increases underpinned by spot commodity prices trending downwards during the period.

With the seasonally busier winter months to come, which are the most material to the Group's performance, the Board's outlook for the financial year remains unchanged at this early stage of the year. We continue to have confidence in the Group's future prospects and to target development opportunities supported by our strong balance sheet and banking facilities.

As is its established practice, the Group will provide a further trading update in December 2022, following the end of its half year on 30 November."

Information for investors, including analyst consensus forecasts, can be found on the Group's website at www.nwf.co.uk.

 

Richard Whiting, Chief Executive

Reg Hoare / Catherine Chapman

Mike Bell / Ed Allsopp

Chris Belsham, Group Finance Director

NWF Group plc

MHP Communications

Peel Hunt LLP

(Nominated Adviser and broker)

Tel: 01829 260 260

Tel: 020 3128 8339

Tel: 020 7418 8900

 

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AGMEVLFLLKLEBBL
Date   Source Headline
29th Nov 20104:51 pmRNSTotal Voting Rights
24th Sep 201012:03 pmRNSResult of AGM
23rd Sep 20107:00 amRNSAGM Statement
10th Aug 20107:01 amRNSDirector/PDMR Shareholding
10th Aug 20107:00 amRNSFinal Results
14th Jul 20107:00 amRNSNotice of Results
15th Jun 20107:00 amRNSTrading Update
8th Mar 20102:27 pmRNSDirector/PDMR Shareholding
4th Mar 20104:43 pmRNSDirector/PDMR Shareholding - Replacement
26th Feb 20101:19 pmRNSDirector/PDMR Shareholding
2nd Feb 20107:00 amRNSHalf Yearly Report
24th Sep 20092:06 pmRNSResult of AGM
24th Sep 20097:00 amRNSAGM Statement
11th Aug 20097:01 amRNSDirector/PDMR Shareholding
11th Aug 20097:00 amRNSFinal Results
14th Jul 20097:00 amRNSNotice of Results
12th May 20091:18 pmRNSDirector/PDMR Shareholding
5th May 20097:00 amRNSTrading Update
6th Apr 20093:16 pmRNSDirector/PDMR Shareholding
12th Mar 20094:33 pmRNSDirector/PDMR Shareholding
11th Mar 20092:52 pmRNSDirector/PDMR Shareholding
5th Feb 20092:49 pmRNSDirector/PDMR Shareholding
5th Feb 20097:01 amRNSDirector/PDMR Shareholding
5th Feb 20097:00 amRNSInterim Results
14th Jan 20097:00 amRNSDirectorate Change
11th Dec 20088:51 amRNSNotice of Results
28th Nov 20085:04 pmRNSDirector/PDMR Shareholding
2nd Oct 20084:49 pmRNSResult of AGM
2nd Oct 20087:01 amRNSAGM Statement
2nd Oct 20087:00 amRNSDisposal
11th Sep 20085:31 pmRNSHolding(s) in Company
27th Aug 20085:27 pmRNSAnnual Report and Accounts
13th Aug 20087:00 amRNSFinal Results
8th Jul 20087:00 amRNSNotice of Results
19th Mar 20085:21 pmRNSHolding(s) in Company
25th Feb 20089:25 amRNSHolding(s) in Company
5th Feb 20087:01 amRNSInterim Results
9th Jan 200811:39 amRNSNotice of Results
30th Nov 200711:29 amRNSTotal Voting Rights
29th Nov 20073:06 pmRNSHolding(s) in Company
20th Nov 200711:29 amRNSIssue of Equity
1st Nov 20078:48 amRNSTotal Voting Rights
1st Nov 20077:00 amRNSDirectorate Change
26th Oct 20073:04 pmRNSDirector/PDMR Shareholding
4th Oct 200712:45 pmRNSBonus Issue
4th Oct 20079:59 amRNSHolding(s) in Company
4th Oct 20077:30 amRNSAGM Statement
1st Oct 200711:59 amRNSDirectorate Change
19th Sep 20074:21 pmRNSDirector/PDMR Shareholding
14th Sep 20077:00 amRNSNew Contract

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