Increased activity enables ‘solid performance’ from Cheshire distributor NWF Group

Agricultural and distribution firm NWF Group plc has marked an uptick in profits on the back of increased activity for its three core divisions.

The Cheshire-based firm saw its pre-tax profit rise by 2.4% to £8.5m during the 12 months to May 31 2017.

Groupwide revenues stood at £555.8m, up 19.3% from £465.9m the year previous.

Headquartered in Nantwich, NWF Group delivers feed, food and fuel across the UK.

The company’s Feeds division recorded an operating profit of £1.5m, down year on year 28.6% and impacted by margin pressure due to increased commodity costs.

NWF’s Food division, meanwhile, saw operating profits rise 11.1% to £3m. Fuels achieved year-on-year operating profit growth of 15.4%, at £4.5m.

The 2016/17 period also saw NWF invest £5.2m in its Cheshire and Northern mills, raising the value of the firm’s tangible and intangible assets to £69.4m.

Richard Whiting, NWF Group’s chief executive, said: “NWF delivered a solid performance last year with increased activity in all three divisions and the benefits of the diversified business model resulted in record earnings per share.

“The increase in profitability and strong cash generation also enabled the Group to continue its investment strategy, with major feed mill expansions completed in the year.”

He added: “We continue to see opportunity for further strategic and operational progress and our performance in the current financial year to date has been in line with our expectations.”