‘Difficult’ market dents profits at Cheshire agro firm NWF Group

NWF Group plc, the Cheshire-headquartered agricultural and distribution business, has announced half-year growth against a “difficult” market backdrop.

During the six months to November 30 2016, the Nantwich company’s revenue rose to £255.9m, up 13.9% against the same period in 2015.

However, NWF’s pre-tax profit of £2m represented a year-on-year decrease of 23.1%.

The firm, which delivers feed, food and fuel across the UK, said profitability was impacted by a warm summer and rapid commodity price increases leading to a weakened Q1 performance.

NWF’s Feeds division was the most affected, delivering a headline operating loss of £300k during the half year despite increasing volumes.

Food and Fuels divisions pulled in headline operating profits of £1.6m and £900k respectively.

NWF Group’s chief executive, Richard Whiting, said: “NWF has delivered growth across all three divisions in the first half of the year despite difficult market conditions.

“The group’s investment in the expansion and development of new mill capacity in the North and Cheshire has proceeded as planned and net debt is in line with expectations.”

He added: “Current trading is in line with the Board’s full year expectations.

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