Member Article

Farm supplier posts 27.8% profit rises

Cheshire-based agricultural, fuel and food group, NWF, reported pre-tax profits of £2.3m, up 27.8% on the same period in 2011.

The company, which supplies animal feed to the agricultural sector, groceries and fuel to petrol stations, reduced its net debt by 53.2% and improved basic earnings per share by 28.6% to 3.6 pence.

Despite “an environment of volatile and increasing commodity costs”, NWF’s chair Mark Hudson said the group delivered a set of strong results.

Total revenues fell by 2.7% to £256.5m, compared with £263.7m in the same 6 months last year, as a result of the company’s performance in its food and fuels divisions, although animal feed revenues increased by 10.1%.

Mr Hudson commented: “Food performance was impacted by a slower than anticipated take-on of new accounts and continuing challenges in the market place with pressures throughout the supply chain.

“Fuels performed in line with our expectations demonstrating a strong recovery from a difficult fuel market in the previous period.

“The Group is trading in line with the expectations of the Board and as we set out at the time of our preliminary announcement, we are continuing to work on development plans with a particular emphasis on opportunities in the agriculture markets.”

This was posted in Bdaily's Members' News section by Miranda Dobson .