NWF Group H1 profitability seen lower YOY

13th Dec 2023 08:03

(Sharecast News) - Fuels, food, and feeds distributor NWF Group said on Wednesday that cautioned on Wednesday that overall first-half profitability was behind the previous year.

NWF warned that full-year profits would take a hit as conditions in both the fuels and feeds markets continue to normalise following what it called an "extended period of volatile underlying commodity prices". However, its food business had partly offset less supportive market conditions seen elsewhere and delivered a "strong" performance in the period.

The AIM-listed firm also said it expects to see a "more significant" second-half weighting than in the previous year.

Chief executive-designate Chris Belsham said: "It has been a more challenging first half than in recent years as market pricing normalised following a lengthy period of beneficial volatile conditions for fuels and feeds. In contrast, the strong performance of food is encouraging us to advance our plans for a third warehouse to meet the growing customer demand for our first-class services and drive further growth in the division."

As of 1145 GMT, NWF shares were down 1.08% at 205.25p.

Reporting by Iain Gilbert at Sharecast.com