Business
Interim Results
Interim Results.
About this update from Nwf Group Plc
[{"type":"text","content":"\n RNS Number : 8259M NWF Group PLC 05 February 2009 \n \nEmbargoed until: 0700, 05 February 2009 \nNWF Group plc\n('NWF' or 'the Group')\n\nInterim results for the half year ended 30 November 2008\n\nNWF Group plc, the specialist distribution business, today announces its interim results for the half year ended 30 November 2008.\n\nCommenting on the results, Mark Hudson, Chairman, said: 'NWF has made a strong start to the year during a period of significant price volatility in key raw materials and against an increasingly challenging economic backdrop. The disposal of the Garden Centre division was successfully completed enabling the Group to focus on its three specialist distribution businesses. All three businesses have outperformed the same period last year and these results represent a record first half operating profit1 for the Group.'\nFinancial highlights: \n\n\n\n\n\n\nRevenue1 increased by 21.8% to £198.1 million (H1 2007: £162.6 million)\n\n\n\n\n\n\n\n\nOperating profit1 up 68.2% to £3.7 million (H1 2007: £2.2 million)\n\n\n\n\n\n\n\n\nProfit before taxation1 up 12.5% to £1.8 million (H1 2007: £1.6 million)\n\n\n\n\n\n\n\n\nHeadline earnings per share1, 2 up 21.7% to 2.8p (H1 2007: 2.3p)\n\n\n\n\n\n\n\n\nInterim dividend per share unchanged at 1.0p (H1 2007: 1.0p)\n\n\n\n\n\n\n\n\nNet debt reduced since year end by £22.4 million to £29.7 million (31 May 2008: £52.1 million)\n\n\n\n\n\n\n\n\nGearing reduced significantly to 120% (31 May 2008: 171%)\n\n\n\n\n\n\n1 From continuing operations only, excluding Garden Centres; H1 2007 figures restated.\n\n2 Excluding £1.3 million (H1 2007: £Nil) exceptional deferred tax charge arising from the phased withdrawal of industrial buildings allowances.\n\nOperational highlights:\n\n \n· Distribution – revenue during the period increased by 30.6% to £20.5 million (H1 2007: £15.7 million) as the remaining additional capacity in Wardle was fully utilised. Operating profit increased by 100.0% to £1.0 million (H1 2007: £0.5 million) after charging a £0.3 million non-recurring cost associated with the successful exit from the leased warehouse at Winsford.\n \n· Feeds - revenue increased by 19.9% to £49.4 million (H1 20...