NWF Group PLC Trading Statement (9366D)
March 08 2022 - 2:00AM
UK Regulatory
TIDMNWF
RNS Number : 9366D
NWF Group PLC
08 March 2022
For release 7.00am Tuesday 8 March 2022
NWF Group plc
NWF Group plc: Trading update
NWF Group plc ('NWF' or 'the Group'), the specialist distributor
of fuel, food and feed across the UK, today announces a trading
update for the current year ending 31 May 2022.
As set out in the interim results on 1 February 2022, the Group
delivered a very strong performance in the first six months of the
year and carried over positive momentum going into the second
half.
Since then, overall trading performance has continued to be
strong, with demand conditions in the Fuels business accelerating
to the extent that we now anticipate full year results will be
significantly ahead of the Board's previous expectations. Cash
generation remains strong with lower net debt anticipated at year
end.
Divisional highlights
In Fuels, the strong reported outperformance in the first half
has continued. Amidst significant volatility in the oil price, the
business has seen elevated demand in the short term, with customers
valuing the high levels of service provided across our depot
network.
Food has performed as planned with storage levels having
increased quickly as manufacturers and importers respond to the
strong demand seen in the first half.
In Feeds with price increases continuing to be implemented, cost
inflation has been recovered and the focus remains on developing
long term volume growth .
Impact of the conflict in Ukraine
Since the start of the conflict on 24 February the impact to
date has been most significant in Fuels, with the price of Brent
Crude over $120 per barrel and with very significant volatility
leading to elevated levels of demand. To date, there have been no
major supply issues and we continue to meet demand across the
country.
Feeds commodity prices, including wheat and barley, have
increased to unprecedented highs, but with most raw materials now
purchased for the winter period this impact will be most keenly
felt as we move into May and the summer trading period.
We continue to monitor the situation very closely and our
thoughts are with all the people and their families impacted by
this crisis.
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 James Bavister Ed Allsop
Chris Belsham, Group MHP Communications Peel Hunt LLP (Nominated advisor)
Finance Director Tel: 020 3128 8170 Tel: 020 7418 8900
NWF Group plc
Tel: 01829 260 260
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