- NWF Group said H1 pretax profit is anticipated to be lower than the record results of the comparative period in the prior year. Net debt will be lower than prior year.

The first half-year has been challenging for the Group as a result of the significant falls in commodity prices which have impacted margins in the feeds business. Whilst the fall in the oil price has impacted revenue, profitability in the fuels business has not been adversely affected.

Looking at each division in more detail: Feeds volumes remain robust however, as previously indicated, margins were impacted in the period by both the significant price reductions seen in the commodity markets and the announcement of reductions in milk prices across the UK.

In the Food division, the business has delivered a good result from the single Wardle site managing the demand peaks for Halloween and Christmas effectively. Service levels have been maintained at 99.7%.

Finally, the Fuels business has performed as planned in spite of warmer than normal weather conditions which reduced demand for heating oil.

The significant falls in oil prices have been broadly beneficial and additional sales of premium products have helped mitigate the impact of the mild weather. A new Fuel depot in Mansfield in Nottinghamshire has also been opened in the period.

Story provided by