Last checked at 24 Jun 2014 07:00
NWF Group plc
For release 7.00 am 24 June 2014
NWF Group plc ('NWF' or 'the Group')
Trading update and notice of preliminary results for the year ended 31 May 2014
NWF Group plc, the specialist agricultural and distribution business, announces that trading for the year ended 31 May 2014 has been positive and it is expected that the results will be at the upper end of market expectations.
The Feeds division has continued to trade strongly with a focus on direct supplies to farmers across the country and development of the S.C. Feeds business since its acquisition in November 2013. This division has continued to increase market share, particularly in the dairy sector, despite market demand being more subdued than the unusually high demand for ruminant feed in Spring 2013.
In Food, as planned, the business has focused all activity at the main Wardle site and successfully exited the Deeside facility. At the same time, as previously announced, long-term contracts have been agreed with major customers underpinning future performance.
The Fuels division has performed well during the reported period, despite experiencing significantly reduced demand for heating oil through both a mild winter and very mild spring.
Additionally, we are pleased to announce that we have agreed new long term funding with Royal Bank of Scotland for five years through to October 2019. Our facilities have been increased to £65 million to support the development strategy of the Group and have been agreed on improved terms.
Commenting on the update, Richard Whiting, Chief Executive said: "NWF has delivered another solid performance and we are developing successfully as a result of targeted initiatives in all three of our divisions. The acquisition of S.C. Feeds has gone to plan and demonstrates the strategic intent of the Group to continue investing in Agriculture. The new financing agreement with RBS will support our future growth plans."
NWF will announce its preliminary results for the year ended 31 May 2014 on Tuesday 5 August 2014.
A meeting will be held for analysts at 10.30 a.m. on the day of the results announcement at Tavistock Communications, 131 Finsbury Pavement, London EC2 1NT.
For further information please visit www.nwf.co.uk or contact:
Richard Whiting, Chief ExecutiveBrendon Banner, Finance DirectorNWF Group plcTel: 01829 260 260 | John West /Andrew DunnTavistock CommunicationsTel: 020 7920 3150 | Justin Jones / Mike BellPeel Hunt LLP(Nominated Adviser)Tel: 020 7418 8900 |