REG - NWF Group PLC - AGM Statement and Trading Update

NWFAnnouncement

26/09/2024 07:00

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RNS Number : 6868F  NWF Group PLC  26 September 2024

NWF Group PLC

26 September 2024

NWF Group PLC

NWF Group plc: AGM Statement and Trading Update

At the Annual General Meeting of NWF Group plc ('NWF' 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 2024.

Overall trading in the first quarter, which is typically our quietest period
of the year, has been in line with the Board's expectations.

Taking each of the Group's businesses in turn:

In Fuels, volumes are slightly lower than the prior year, with margin improved
on the prior year and continued strong cost management. The price of Brent
crude oil traded between $69 to $87 per barrel over the period. The Board
continues to pursue acquisition opportunities in the highly fragmented Fuels
market, in line with our stated strategy.

The Food business successfully completed the fit out of the new warehouse at
Lymedale in June and is now building up the site's storage levels in line with
investment plan.

In Feeds, volumes were slightly higher than the prior year following the wet
weather in the spring and early summer whilst margins have been stable. The
milk price has been stable during the period.

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 as a
whole is 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 2024, following the end of its half-year on 30 November.

Finally, I would like to thank NWF's stakeholders for their support during my
time as Chair and I wish Amanda Burton, who joined the Board in July this year
and takes over from me, all the best in leading the continued development of
the Group."

Information for investors, including analyst consensus forecasts, can be found
on the Group's website at www.nwf.co.uk
(https://protect.checkpoint.com/v2/___http:/www.nwf.co.uk___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzoyYmI3OGY0ZjIyYTlhZDRlODhiODkxNzgxMDAyNGYwMzo2OjJiNzg6NjJhNWNhOWJlN2YxMWY2NTcyMGRlODcxNDZhZDFhNWEyMGU5M2M5ZDk5NmYzZGU0YTA1MDM2NDM5MzgzZDMyMTpwOkY6Tg)
.

 Chris Belsham, Chief Executive            Reg Hoare           Mike Bell
 Katie Shortland, Chief Financial Officer  Catherine Chapman   Ed Allsop

 NWF Group PLC                             MHP Communications  Peel Hunt LLP (Nominated Adviser and Broker)
 Tel: 01829 260 260                        Tel: 07711 191518   Tel: 020 7418 8900

 

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