24th Sep 2015 09:40
LONDON (Alliance News) - Agricultural and distribution company NWF Group PLC on Thursday said trading in the first quarter of its financial year has been in line with its expectations.
NWF Chairman Mark Hudson, in a statement ahead of its annual general meeting, said the group's Feeds division has seen robust volumes in the quarter, though margins have come under pressure due to the lower milk prices in the UK and a tough commodities market.
The group's Food business has seen higher-than-anticipated storage requirements and is currently using outside storage on a flexible basis to meet this demand. Distribution demand has been in line and service levels have been maintained, Hudson said.
The Fuels arm also was trading in line during the quieter summer months, he added.
"The board's outlook for the year remains in line with its expectations, and we continue to focus on development opportunities, both organic and through targeted acquisitions," Hudson said.
Shares in NWF were down 2.4% to 161.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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