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NWF profit down 17% as Brexit uncertainty, pandemic hurt sales
StockMarketWire.com
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Specialist fuel, food and animal feed distributor NWF booked a 17% fall in first-half profit, citing Brexit uncertainty and the ongoing challenge of Covid-19.
Pre-tax profit for the six months through December decreased to £2.0 million, down from £2.4 million year-on-year, as revenue slumped 11% to £309.4 million.
Operating profit in the fuels business rose, but was offset by lower earnings in the food and feed businesses.
NWF held its interim dividend steady at 1p per share.
The company said its trading performance was as anticipated and that its expectations for the full year were unchanged.
'This performance is a further demonstration of the resilience of the group, which given the challenges of keeping our people safe, managing demand volatility and responding to a cyber incident have demonstrated our teams' strong capabilities,' chief executive Richard Whiting said.
'We remain confident in our growth potential and our strong financial position gives us the flexibility and capacity to continue to target development opportunities.'
Story provided by StockMarketWire.com
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