Member Article

Animal feed and fuel group enjoys record year

The Cheshire based food and fuels group NWF has reported record results for the year to May 31, with revenues of £545.8m compared with £540.2m 12 months ago. Profit before tax soared by 64.7% to 8.4m.

Net debts were cut by 40.6% to £9.2m, the full year dividend of 4.8p per share is a 6.7% improvement, and the group has a £55m banking facility in place until October 2015.

Chairman Mark Hudson said the results were a record set for the firm. On the outlook for 2014, he commented: “Progress to date in the new financial year has been in line with the Board’s expectations with all divisions performing as planned. We continue to focus on development opportunities, both organic and through targeted acquisitions.”

Chief executive Richard Whiting added: “The record year has been delivered by focusing on customers’ needs across the three divisions, reducing costs across the group, and with feeds and fuels delivering excellent results in positive market conditions.”

John Acornley, chair of the group’s audit committe, will step down from the board after completing 12 years of service. Two non-executive directors Yvonne Monaghan and Philip Acton will join the board.

Yvonne Monaghan is currently group finance director of the Cheshire dry cleaning compnay Johnson Service Group. Philip Acton is a former chief operating officer of Genus.

This was posted in Bdaily's Members' News section by Simon Malia .