NWF lifts expectations as strong trading continues

9th Mar 2023 13:45

(Sharecast News) - Fuel, food and feed distributor NWF Group reported a strong performance for the first three quarters of the current financial year in an update on Thursday, lifting its profit expectations for the full year.

The AIM-traded firm said its momentum had remained strong throughout the second half of the year thus far.

It said its performance in the first six months was very strong, with that momentum carried over into the latter half.

The company's three divisions - fuel, food, and feed - all delivered strong results, with the third quarter in particular exceeding internal expectations.

NWF also said it had benefited from the acquisition of Sweetfuels in December.

The first contribution from the new business was positive, helping to boost the company's overall performance.

"Whilst final quarter trading continues to be subject to seasonal factors, the strong year to date performance together with the supportive backdrop entering March means that the board now anticipates the Group's full year result to be significantly ahead of market expectations, with full year headline profit before tax not less than £17.5m," the board said in its statement.

At 1316 GMT, shares in NWF Group were up 6.24% at 274.11p.

Reporting by Josh White for Sharecast.com.