REG - NWF Group PLC - Acquisition and notice of final results

NWFAnnouncement

19/07/2023 07:00

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RNS Number : 4242G  NWF Group PLC  19 July 2023

For release 07.00 a.m. Wednesday 19 July 2023

NWF Group plc

NWF Group plc: Acquisition and notice of final results

NWF Group plc ('NWF' or the 'Group'), the specialist distributor of fuel,
food, and feed across the UK, today announces a bolt-on acquisition within its
Fuels division and provides notice of its final results for the year ended 31
May 2023.

Acquisition of Geoff Boorman Fuels

NWF announces it has acquired the trade and assets of Geoff Boorman Fuels from
Geoff Boorman Fuels LLP, which represents the second fuels acquisition in the
last 12 months.  This is in line with the Group's strategy to grow the fuels
distribution business, in which the Group is the third largest player in the
UK.

Geoff Boorman Fuels is a nineteen million litre fuel distributor based in
Edenbridge, Kent with a largely domestic customer base. The acquisition
complements Home Counties Fuels, the Group's Kent based commercial fuel
distribution operation thereby supporting the Group's development in the
South-East. The acquisition is expected to be accretive to underlying earnings
of the Group, and the £2.6 million consideration has been paid in cash on
completion from NWF's existing cash resources.

NWF's growth strategy is to both expand the geographic coverage of the fuels
business within the UK and consolidate businesses adjacent to the existing
depot network. NWF's acquisition of Sweetfuels Limited (announced on 22
December 2022) has been integrated as planned and is performing well.

Notice of final results for the year ended 31 May 2023

The Company will announce its final results for its financial year ended 31
May 2023 on Tuesday 1 August 2023.

A meeting will be held for analysts at 9.30 a.m. on the day of the results
announcement at MHP, 60 Great Portland Street, London W1W 7RT
(https://www.bing.com/local?lid=YN1029x105422113&id=YN1029x105422113&q=MHP+Communications&name=MHP+Communications&cp=51.517818450927734%7e-0.1414182037115097&ppois=51.517818450927734_-0.1414182037115097_MHP+Communications)
. Please contact MHP for further details at nwf@mhpgroup.com
(mailto:nwf@mhpgroup.com) .

Information for investors, including analyst consensus forecasts, can be found
on the Group's website at www.nwf.co.uk (http://www.nwf.co.uk/) .

 

 Richard Whiting, Chief Executive        Reg Hoare / Catherine Chapman / Christian Harte  Mike Bell / Ed Allsopp

Chris Belsham, Group Finance Director
 NWF Group plc                           MHP                                              Peel Hunt LLP
                                                                                          (Nominated Adviser and broker)
 Tel: 01829 260 260                      Tel: 020 3128 8339                               Tel: 020 7418 8900

 

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