NWF set to report lower debt levels
SPECIALIST distributor NWF has announced that trading during the past 12 months has been in line with expectations.
The Nantwich-based firm warned earlier this year that the mild winter was likely to hit its full-year results.
But directors said trading for the year to May 31 was in line with their expectations, and that debt levels were lower than previously anticipated.
NWF, which stores and delivers food for supermarkets, distributes fuel to businesses and homes and supplies animal feed to farmers, employs 977 people, including around 650 at its Wardle headquarters.
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The Sentinel reported in February that its sales for the six months to November 30 reached £263.7 million, up 29.6 per cent from £203.4 million during the same period the year before.
But pre-tax profits fell 18.2 per cent, from £2.2 million to £1.8 million.
The firm said its feeds division traded well during the second half of the year, while its food division had a weaker six months. It added that its fuels business had a "disappointing" year "as a result of one of the mildest winters on record combined with record high oil prices and a challenging economic environment."
Chief executive Richard Whiting said: "As previously indicated, we have experienced difficult market conditions, particularly in fuels. We will, however, deliver results which are in line with the board's expectations for the full year with lower levels of debt than previously expected."
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