Profitable Feeds business delivers growth for agricultural distributor NWF Group
Agricultural and distribution business NWF Group plc saw an uptick in profits and revenues in the six months to November 30.
During H1 2017/18, the Cheshire-headquartered supplier of feed, food and fuel pulled in a pre-tax profit of £1.9m, up from £1.3m the year previous.
Total revenues for the period stood at £295.8m, a 15.6% increase on the £255.9m reported for H1 2016/17.
Across NWF’s three core divisions, Feeds made a headline operating profit of £400k, compared to a £300k loss in 2016; Food made £900k, down from £1.6m; and Fuels £1.1m, a year-on-year rise of £200k.
NWF Group chief exec Richard Whiting said: “NWF has delivered profit improvement in line with our expectations in the first half year with each of the divisions performing as planned.
“The significant increase in profits in Feeds is of particular note, demonstrating the expected return on the capital investment completed in 2017.”
He added: “Current trading is in line with the board’s full year expectations.”