Tue, 03 Aug 2021 | BUSINESS NEWS
Agricultural firm NWF has said it will consider targeting acquisitions after reporting strong results despite the impact of Covid-19, Brexit and a cyber attack.
In the year to May 31 2021, the firm registered revenues of £675.6 million and operating profits of £12.9 million. While these figures were both down on the previous year, they still exceeded NWF’s pre-pandemic expectations, while operating profits were the firm’s second highest on record.
This performance was driven by strong sales in fuels as a result of factors including the UK’s cold winter and the increase in working from home. Meanwhile, a new warehouse drove a strong recovery in the firm’s food business and its feeds business was bolstered by a rise in commodity prices.
NWF Chief Executive Richard Whiting commented: “NWF has delivered another strong set of results, ahead of expectations set before the pandemic, demonstrating continued performance, delivery and resilience.”
“Our teams have worked hard during the year meeting customers’ needs whilst staying safe. I’m proud of how we have responded to the challenges of Covid-19, Brexit and a cyber incident and exited the year strongly, with significant financial capacity and a clear growth strategy.”
This has resulted in the business saying that it will target possible acquisition opportunities as it looks to capitalise on its strong prospects for future growth.
Whiting added: “There is a significant opportunity for growth backed by strong cash flows and flexible banking facilities alongside a strong asset base. We will, therefore, continue to consider acquisition opportunities, building on our successful track record of acquiring and integrating businesses, as well as investment in organic development.”
“Performance to date in the current financial year has been in line with the board’s expectations. Overall, the board continues to remain confident about the group’s future prospects.”
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