Last checked at 16 May 2013 07:00
NWF Group plc
Final for release 7.00 am 16 May 2013
NWF Group plc ('NWF' or 'the Group')
Trading update and notice of preliminary results for the year ended 31 May 2013
NWF Group plc, the specialist agricultural and distribution business, is pleased to announce that trading in the winter and early spring months has been strong and the Board now anticipates the outcome for the financial year will be significantly ahead of current market expectations.
The Feeds division has continued to trade strongly with a focus on direct supplies to farmers across the country. The late turn out of dairy herds has caused an increase in demand for feed from our customers in combination with a sharp increase in the market demand for sheep feed. The business has continued to maintain high levels of customer service in spite of unusually high demand and the sometimes challenging delivery conditions.
Trading conditions in the Food division continues to be difficult, as anticipated and previously highlighted. Service levels have been maintained at very high levels, whilst the division looks to mitigate the current market conditions.
The Fuel division has benefited from continued high levels of demand for heating oil through the prolonged severe winter period. A focus on customer service and the flexibility of our depot based model has allowed the business to meet customers' requirements. Recent falls in oil prices across all fuel categories have also helped support margins.
Commenting on the update, Richard Whiting, Chief Executive said: "NWF has delivered a very strong performance during the key trading period in the year. The continued focus on providing a high level of service across the Group has been rewarded by customers choosing NWF to supply their requirements. Whilst the outperformance of the Group is as a result of specific market conditions, it is pleasing to deliver this significant improvement in profitability".
NWF intends to announce its preliminary results for the year ended 31 May 2013 on Tuesday 6 August 2013.
A meeting will be held for analysts at 10.30 am 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 |