By Joe Hope
NWF Group PLC said Tuesday that fiscal 2022 pretax profit rose on significantly higher revenue driven by increased prices, and performance in fiscal 2023 to date is meeting management views.
The London-listed specialist distributor of fuel, food and feed said that for the year ended May 31 pretax profit was 12.0 million pounds ($14.7 million) compared with GBP10.8 million for fiscal 2021.
Revenue rose to GBP878.6 million from GBP675.6 million the year before. The company attributed the growth to significantly higher commodity prices in fuels and feeds.
The board proposed a final dividend of 6.5 pence a share, taking the total dividend to 7.5 pence a share, up from 7.2 pence the year prior.
“There are significant growth opportunities, backed by strong cash flows, funding availability and a solid asset base. We will therefore continue to consider acquisition opportunities,” the company said.
NWF said performance to date in fiscal 2023 has met its expectations, but didn’t provide any figures.
Shares at 0822 GMT were down 3.0 pence, or 1.3%, at 225.0 pence.
Write to Joe Hoppe at [email protected]
Credit: www.marketwatch.com /