24 Sep 2015 07:00

NWF Group plc
24 September 2015
NWF Group plc
NWF Group plc
AGM Statement and Trading Update
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At the Annual General Meeting of NWF Group plc, the specialist agricultural and distribution business, which is being held later today Mark Hudson, Chairman, will make the following statement:
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"I am pleased to give shareholders the following update on trading for the first quarter of the new financial year, traditionally our quietest trading period of the year.
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Trading has been in line with the Board's expectations and ahead of the same period last year, with net debt reflecting the normal seasonal fluctuations.
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Looking at each division in more detail: Feeds has continued to focus on providing high quality nutritional advice and sales direct to farmers. Volumes are robust, however margins remain under pressure as a result of the lower milk prices being achieved in the UK and a drift in commodities' prices over the summer period. New Breed, acquired in June 2015 has performed in line with the Board's expectations.
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In the Food division, the business has had higher than anticipated storage requirements and is utilising outside storage on a flexible basis to meet this. Distribution demand has followed a normal seasonal pattern and service levels have been maintained at 99.7%.
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Finally, the Fuels business performed as planned across the quieter summer months against a backdrop of volatile and generally lower Brent crude prices, which have fluctuated between $65 and $45 per barrel since the period end.
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The Board's outlook for the year remains in line with its expectations and we continue to focus on development opportunities, both organic and through targeted acquisitions.
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We look forward to providing a more detailed update at the time of our half year results in early February 2016."
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For further information please visit www.nwf.co.uk or contact:Â
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Richard Whiting, Chief ExecutiveBrendon Banner, Finance DirectorNWF Group plcTel: 01829 260 260 | Reg Hoare /Andrew Leach / Naomi LaneMHP CommunicationsTel: 020 3128 8100 | Justin Jones / Mike BellPeel Hunt LLP(Nominated Adviser)Tel: 020 7418 8900 |
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