http://www.piworld.co.uk/videos/2016/8/3/nwf-final-results-2016

(Length: c 8 minutes)

Whiting updates on NWF (LON:NWF) FY results, with PTP up 2.5% and EPS up 3%, all achieved with lower revenues, reflecting lower commodity costs, which doesn’t affect profits. The dividend is increased by 5%.

CAPEX investment and 3 acquisitions has cost £10m, although debt is still only £9.9m (less that 1x EBITDA), due to NWF’s strong cash generation.

Achievement across each division:

1. Feeds increased volumes and market share

2. Foods at capacity, added repacked work

3. Record fuel volumes

Market conditions have been difficult – dairy farmers have faced low milk prices; food distribution is competitive; the warm autumn and winter meant less demand for heating oil - however, in spite of this growth has been achieved.

Whiting runs through each division, outlining the challenges and opportunities; and where the acquisitions fit in.

Brexit: hasn’t had much impact to date; and NWF don’t anticipate any implications.

Ultimately, he says, NWF has strong management, who spot growth opportunities, with the asset backing to take advantage of them. Highly focussed on good cash generation and optimising share holder returns.

NWF are trading in line with expectations for the first two months of new financial year; and the increase in dividend highlights the confidence in the future for the group.

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