NWF Group PLC AGM Statement and Trading Update (8958N)
28 9월 2023 - 3:00PM
UK Regulatory
TIDMNWF
RNS Number : 8958N
NWF Group PLC
28 September 2023
NWF Group PLC
28 September 2023
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, 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 financial year which commenced
on 1 June 2023.
Overall trading in the first quarter, which is typically our
quietest period of the year, has been in line with the Board's
expectations.
Looking at each division in detail:
In Fuels, volumes increased year-on-year with the expected
normalisation of margins reflecting the stable supply conditions as
well as competitive pricing of diesel and gas oil, with demand for
heating oil low over the summer. The price of Brent crude oil
increased from $74 to $86 per barrel over the period. Following the
acquisition in the period of Geoff Boorman Fuels, which expanded
our coverage and customer base in the South-East, the Board
continues to pursue acquisition opportunities in Fuels in line with
our stated strategy.
The Food division traded in line with expectations and the
comparative prior year period. Storage volumes reached a peak of
just over 140,000 pallet spaces (capacity 135,000 pallet spaces)
with the business efficiently utilising overflow storage facilities
as planned. Outload and associated backhaul activity were higher
than the prior year reflecting the high storage levels. The Group
continues to investigate opportunities to support the increased
customer demand for its services through the addition of a new
warehouse.
In the Feeds division, volume and margin remained stable across
the summer, relative to the first quarter of the prior year which
saw very significant volatility in raw material and farmers input
costs and consequently higher milk prices. The business has just
welcomed its latest group of eight trainees to the NWF Academy to
commence their structured programme to become future NWF
nutritionists. The NWF Academy is now in its fifth year.
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. We remain confident in the
Group's prospects and continue to target development opportunities
supported by our strong balance sheet.
As is its established practice, the Group will provide a further
trading update in December 2023, following the end of its half-year
on 30 November.
The Group also announces that Dawn Moore has informed the Board
that she does not wish to stand for re-election at the AGM and will
step down from the Board effective immediately in order to focus on
her executive responsibilities. The Board would like to thank Dawn
for her contribution since joining the Group and wishes her well
for the future.
A process to recruit a new non-executive director and Chair of
the Remuneration Committee will now commence. Further updates will
be made as this process progresses.
Information for investors, including analyst consensus
forecasts, can be found on the Group's website at
www.nwf.co.uk.
Richard Whiting, Chief Reg Hoare Mike Bell
Executive
Chris Belsham, Chief Catherine Chapman Ed Allsop
Executive Designate
NWF Group PLC MHP Group Peel Hunt LLP (Nominated
Adviser and Broker)
Tel: 01829 260 260 Tel: 020 3128 8339 Tel: 020 7418 8900
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END
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