Business
Trading Upgrade and COVID-19 Response Update
Trading Upgrade and COVID-19 Response Update.
About this update from Nwf Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 2231L\n NWF Group PLC\n 29 April 2020\n \n \n \n \n NWF Group plc \n \n \n 29 April 2020\n \n \n \n NWF Group plc\n \n \n \n \n NWF Group plc: Trading Upgrade and COVID-19 Response Update\n \n \n COVID-19 Response \n \n \n \n \n \n NWF Group plc ('NWF' or the Group), the \n specialist distributor of fuel, food and feed across the UK, \n is pleased to report the Group is responding effectively to the disruption presented by the COVID-19 outbreak and has been able to maintain its operations on a continuing basis, supporting customers at this challenging time. \n \n \n \n \n \n The Group provides critical products and logistical support to customers across the food retail, fuel and agriculture markets. As such, our employees have been designated as key workers and the Group has not sought any Government support for operations nor furloughed any staff to date.\n \n Our first priority has been to ensure the safety and well being of our people. In line with guidance, we have moved as many employees as possible to home working and where home working is not possible, workplace segregation and social distancing measures have been implemented. \n \n \n \n \n \n The Group has moved swiftly to take appropriate actions to manage costs and preserve balance sheet flexibility to ensure risk is managed during this unprecedented situation. Alongside this, significant work has been \n undertaken on short and medium term cash flow forecasting to support decision making and consequently the Board is confident that the Group is in a strong position to manage through this period of uncertainty.\n \n \n \n \n \n As a reminder our net debt, excluding the impact of IFRS 16, at the 30 November 2019 was £14.9 million, resulting in a net debt to EBITDA ratio of 1.0x. The Group has committed bank facilities of £65.0 million, running to October 2023, of which £47.6 million was undrawn as at the end of March 2020.\n \n \n Trading update\n \n \n As set out in the interim results on 28 January 2020, the Group delivered a strong performance in the first half, with increased activity levels in all divisions. The Group continued to trade well through the third quarter, in line with the Board's expectations. \n \n \n Given the essential nature of the products supplied by the...