NWF Group reports mixed first half
By Josh White
Date: Tuesday 03 Feb 2026
(Sharecast News) - NWF Group reported a mixed first-half performance for the six months ended 30 November on Tuesday, with weaker trading in fuels offsetting solid growth in its food and feeds divisions, while the board reiterated unchanged full-year expectations ahead of a seasonally stronger second half.
The AIM-traded specialist distributor posted revenue of £434.6m, down 4.3% from £454.3m a year earlier.
Headline operating profit fell to £3m from £5m, while headline profit before tax declined to £0.9m from £3.6m.
Diluted headline earnings per share fell to 1.6p from 5.5p.
The interim dividend was maintained at 1p per share.
Statutory operating profit declined to £3m from £3.6m, with profit before tax of £0.9m compared with £2.1m a year earlier.
Net cash excluding lease liabilities stood at £0.8m, down from £11.4m, reflecting £5.5m of acquisition-related costs during the period, while net debt including lease liabilities increased to £61.1m from £39.1m.
Performance across the group was uneven.
The fuels division reported a headline operating loss of £1.6m, compared with a £1.7m profit a year earlier, as suppressed demand for domestic heating oil and commercial gas oil weighed on volumes and margins.
NWF said demand for domestic heating oil improved in December and January following colder weather, and it said it continued to optimise its regional operating model following a national rollout in July, alongside completing two bolt-on acquisitions.
Food delivered headline operating profit of £3.3m, up from £2.5m, supported by increased stock levels, higher pallet throughput and benefits from cost base restructuring undertaken in June.
The board said momentum is building in food and highlighted a significant opportunity to develop a national network of scale in ambient grocery consolidation.
Feeds also performed strongly, with headline operating profit rising to £1.3m from £0.8m, supported by effective margin and cost management and the contribution of a new moist feed product line, which added 15,000 tonnes in the period.
"Market conditions during the first half of the year resulted in a challenging environment for our fuels business, whilst we are seeing the benefits from the investment and growth initiatives carried out in recent years within food and feeds," said chief executive Chris Belsham.
He added that domestic heating oil demand is now increasing later than usual in the year and is expected to normalise through the winter months.
Belsham said the group had made good strategic progress, deploying capital in a disciplined manner, and that its financial position remained strong.
NWF said the board's full-year trading expectations, updated in November, remained unchanged.
At 1217 GMT, shares in NWF Group were down 2.47% at 131.67p.
Reporting by Josh White for Sharecast.com.
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