14th Jun 2018 12:20
LONDON (Alliance News) - NWF Group PLC on Thursday said it traded "significantly" ahead of expectations in the year to the end of May, particularly in the Fuels and Feeds divisions.
The animal food manufacturing company said its Fuels division performed particularly well during cold winter weather and delivered outstanding service to customers across the country.
Meanwhile, Food division has been challenged by staff recruitment and reorganisation at the Wardle site in Manchester. Thus, the company recorded weaker than expected performance in this unit.
In the Feeds division, performance has improved year-on-year, NWF said, supported by additional investments and improved trading conditions. The company said its dairy market benefited from higher milk prices.
"NWF has delivered an outstanding performance reflecting the focus on service across the group, particularly from the Fuels business during the challenging winter conditions experienced earlier this year," said Chief Executive Richard Whiting.
"It is also positive to demonstrate a return on the investment made in the prior year and to report a lower level of net debt," Whiting added.
NWF will announce its final results for the year ended May on July 31.
Shares in NWF were trading 5.8% higher at 210.50 pence each on Thursday.
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