Specialist fuel, food and feed distributor NWF posted a 38% rise in annual profit owing to higher demand for fuels during Covid-19 lockdowns. Pre-tax profit for the year through May increased to £12.0m, up from £8.7m on-year, as revenue rose 2.4% to £687.5m. The company declared a full-yar dividend of 6.9p, up 4.5% on-year. NWF said it had notched a significant outperformance in in its fuels division as a result of an unprecedented fall in the oil price, and a significant increase in domestic demand during lockdown. Operating profit in the fuels division roughly doubled to £11.0m, more than offsetting falls in the food and feeds division. 'NWF has delivered a very strong set of results, ahead of previous expectations, demonstrating both resilience and growth,' chief executive Richard Whiting said. 'Three acquisitions have been completed in fuels and we have added significant additional warehouse capacity to support long-term customer contracts in food.' 'Feeds gained share with volume growth in a contracting market.' 'The fundamental resilience of the group has been highlighted with the response to the Covid-19 crisis.'
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