NWF profits take off

11th Aug 2009 08:29

NWF Group, which distributes oil, animal feeds and grocery products, grew profits by 48% in the first half as its fuels business made almost twice as much as the year before.Profit before taxation from continuing operations for the year ended 31 May 2009 jumped to £6.2m from £4.2m in 2008 on revenue up 5.4% to £380.6m. Operating profit rose 53% to £8.9m. The fuels division reported a record operating profit of £4.1m, up from £2.2m, while food distribution improved to £2m from £0.5m following recent expansion. Profit fell slightly at the feeds unit.NWFm, which sold its garden centres business last year for £14.5m, had already flagged bumper figures back in May. Then, it said full-year results were expected to be "significantly ahead of current market expectations" after strong trading and continued cash management. Looking ahead, chairman Mark Hudson said: "Progress to date has been satisfactory with all divisions starting the year as planned. In spite of the poor general economic outlook, demand for the group's products and services remains robust."The full year dividend increased by 5.1% to 4.1p per share.