31st Jul 2018 11:35
LONDON (Alliance News) - NWF Group PLC said Tuesday it had a record financial year, with all three of its divisions registering a strong performance.
For its year ended May 31, the UK fuel, food, and animal feed supplier posted revenue up 9.9% to GBP611.0 million from GBP555.8 million year-on-year.
Pretax profit jumped 45% to GBP9.7 million from GBP6.7 million reported last year.
The company said it increased revenue in all three divisions with the Fuels business generating "outstanding results".
"NWF has delivered a record performance in exceptional conditions. The Fuels division has benefited from providing high levels of service to customers across the country through a long, cold winter," Chief Executive Richard Whiting said.
"Food has won contracts that underpin its future development and we have delivered the planned increase in returns in Feeds as a result of the capital investment in the prior year and effective management of the business against a backdrop of more stable milk prices."
The company has increased its final dividend to 5.3 pence per share, taking its total dividend for the year up 5% to 6.3p per share.
During the year, NWF halved its net debt, getting it down to GBP6.4 million from GBP13.0 million the year before.
In regards to Brexit, the company said it is continuing to make contingency plans with customers and supplier as the UK faces the potential scenario of a no-deal with the EU.
Trading performance in the current financial year has been in line with views and the company said it is confident about future prospects.
Shares were trading down 0.4% at 196.65 pence each Tuesday.
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