NWF GROUP PLC (NWF) — Half Year Results

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to the NWF GROUP PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the Q and A tab situated on the top right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review your questions submitted today and publish responses where it's appropriate to do so. Before we begin, I would like to submit the following poll. I would now like to hand you over to Chris Belsham, CEO. Good morning, sir. Thank you, and good morning, everyone, and welcome to the NWF Group results presentation for the half year ended 11/30/2025. I'm Chris Balsham, the CEO, and I'm joined today by Katie Shortland, our CFO. And we'll start with the highlights of the period. So overall, I'm pleased that we have continued our strategic momentum, delivered solid performances in food and feeds, all whilst navigating very difficult market conditions in fuels. And if I start with the strategic actions, during the period, we have developed our growth plan for our food business to become a national network of scale, and I'll talk more about the opportunity later in the presentation. Meanwhile, in fuels, we rolled out our regional operating model nationally, and we also did a couple of small bolt on acquisitions. From a trading perspective, in food, we saw solid performance with increased stock levels and higher pallet throughput, whilst in feeds, delivered a great results with consistent volumes and effective margin management. But in fuels, we saw really difficult market conditions with suppressed demand for both domestic he...