NWF AGM Trading Update
NWF Group plc hold their AGM today, according to their website Chairman Mark Hudson will make the following statement:
‘As promised in my statement in August at the time of our Preliminary Results announcement for the year ending May 2009, I am today giving shareholders an update on the divisional trading for the first quarter of the new financial year.
Food Distribution has continued to make progress with greater levels of operational efficiency being applied to a business which has increasing levels of fill and utilisation. We are continuing to move towards 24/7 operations to meet the needs of our customers and see robust levels of demand going forward. In Feeds the summer has been slower than normal for the ruminant feeds market as forage has been plentiful resulting in lower volumes and nutrition requirements from feed producers. In conjunction with lower demand, raw materials and in particular wheat future prices are at their lowest levels for over 2 years. In Fuels whilst oil prices have continued to be volatile and increase over the first quarter the division is trading in line with expectations with the key heating oil demand commencing in the autumn. We are continuing to pursue both new start ups and potential bolt on acquisition opportunities in this division.
Overall the Group continues to trade in line with expectations and we are working to develop the Group further from the strong platform established in 2009, whilst maintaining our lower levels of debt.
I will provide a further update at the time of our Interim Statement in early February.’
‘As promised in my statement in August at the time of our Preliminary Results announcement for the year ending May 2009, I am today giving shareholders an update on the divisional trading for the first quarter of the new financial year.
Food Distribution has continued to make progress with greater levels of operational efficiency being applied to a business which has increasing levels of fill and utilisation. We are continuing to move towards 24/7 operations to meet the needs of our customers and see robust levels of demand going forward. In Feeds the summer has been slower than normal for the ruminant feeds market as forage has been plentiful resulting in lower volumes and nutrition requirements from feed producers. In conjunction with lower demand, raw materials and in particular wheat future prices are at their lowest levels for over 2 years. In Fuels whilst oil prices have continued to be volatile and increase over the first quarter the division is trading in line with expectations with the key heating oil demand commencing in the autumn. We are continuing to pursue both new start ups and potential bolt on acquisition opportunities in this division.
Overall the Group continues to trade in line with expectations and we are working to develop the Group further from the strong platform established in 2009, whilst maintaining our lower levels of debt.
I will provide a further update at the time of our Interim Statement in early February.’
