Partner Article

Nantwich’s agricultural company NWF Group plc pre-tax profit down

Nantwich’s NWF Group plc, an agricultural company, reports its pre-tax profit for the half year is £2.5 million down from £3.3 million for the same period last year.

The company report falls in revenue in its Feeds and Fuels divisions, with its Fuel division’s revenue down 6.9% due to the falling price of oil.

The falling price of milk has also affected the company.

Chairman, Mark Hudson, said: “NWF has delivered a solid result against a record performance for the comparative period in the prior year.

“The Feeds business managed the challenges of significant falls in commodities and milk prices and opened a new feed facility in Dumfries to support customers in Scotland and the North of England.

“Our Food business performed well, benefiting from the continued focus on operational efficiency at the Wardle site.

“The Fuels business successfully offset the warm weather with additional sales of gas oil whilst profitability was not negatively impacted by the fall in oil prices.

“A new depot was opened in Mansfield which has storage to support commercial and domestic business.

“We have performed as planned since the period end.

“In Feeds our customers are facing further falls in milk prices and we are working to optimise diets to help mitigate the tough conditions for dairy farmers.

“In the Food division, we have navigated the volatile Christmas period and are continuing to focus on improving operating efficiency and utilisation of our site and vehicles.

“In Fuels the oil price has fallen further which has not impacted profitability and we have seen a return to more normal seasonal weather conditions.

“Overall the Group is trading in line with the expectations of the Board and I look forward to updating shareholders later this year.’

This was posted in Bdaily's Members' News section by Sophia Taha .