26th Sep 2019 11:18
(Alliance News) - NWF Group PLC on Thursday said, at its annual general meeting, it is well prepared for any Brexit disruption following a solid start to its financial year.
For the quarter ended August 31, which the fuel, feed, and food distributor said is its quietest period, performance has been "marginally" ahead year-on-year as well as its own expectations.
Fuels is ahead on the year before, with recent acquisitions doing well. Food has met expectations, NWF continued, ahead of the key Christmas period.
NWF's Feeds business also performed in line, though market volumes were well below year-on-year after an unusually dry summer in 2018 which led to a sharp rise in feed demand.
"The board's outlook for the financial year remains in line with its expectations and we continue to focus on development opportunities, both organic and through targeted acquisitions, supported by our strong balance sheet and banking facilities," said NWF.
"We are also well prepared, whatever the outcome, for Brexit, as the fundamentals of our markets are unchanged and we continue to monitor and plan contingencies with customers and suppliers. Overall, the board continues to have confidence in the group's future prospects."
NWF was trading 1.1% lower on Thursday morning in London at 160.16 pence a share.
By George Collard; [email protected]
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