Business
NWF : Full Year Results 2022
NWF : Full Year Results
About this update from Nwf Group Plc
Together, we are NWF NWF Group plc Final results to May 2022 Group overview Leadership team An experienced and capable team Richard Whiting Chief Executive Key skills E xperience • Strategy and leadership Joined in 2007. Previously group finance • Sales and marketing director of Heywood Williams Group plc, • Operations after joining as business development • Finance director from Brand-Rex Ltd, where he • Mergers and acquisitions was managing director of the datacom division. 2 Chris Belsham Group Finance Director Key skills E xperience • Finance Joined as Finance Director in 2017. • Mergers and acquisitions Previously an equity partner and head of • Strategy corporate finance at Irwin Mitchell LLP having joined the business in 2014 from KPMG Corporate Finance. Qualified as a Chartered Accountant with PwC in 1999. NWF GROUP PLC FINAL RESULTS TO MAY 2022 Group overview 3 Key highlights NWF is a specialist distributor of fuel, food and feed across the UK Summary Strong track record of delivering increased shareholder returns Group operates in large stable markets Strongly cash generative with dividend growth Clear growth strategy Fuels Supplying fuel to commercial and domestic customers across the UK Third largest oil distributor in the UK 663 million litres delivered in 2022 Road diesel, gas oil, heating oil and petrol 25 depots across the UK 156 tankers delivering fuel 109,000 customers, both commercial and domestic Five acquisitions since 2019 in a fragmented market Food The leading North West ambient grocery consolidator Boughey distribution is a leading consolidator of ambient grocery products Over 1 million ft 2 of modern, racked warehousing in Cheshire 118,000 pallet spaces 127 trucks and 264 trailers 200 contracted ambient grocery customers Feeds Delivering nutritional advice and feed to ruminant farmers across the UK Second largest national ruminant feed supplier - feeds one in six dairy cows Feed mills in Cumbria, Cheshire and Devon 528,000 tonnes sold in 2022 4,325 farming customers 45 trucks and 17 trailers Principally dairy, also beef and sheep NWF GROUP PLC FINAL RESULTS TO MAY 2022 Group overview 4 Results summary Record results, significantly ahead of initial expectations * Revenue Headline operating profit¹ Headline profit before tax¹ £878.6m £21.8m £20.9m +30.0% +69.0% +75.6% £20.9m 22 £878.6m 22 £21.8m 22 21 £675.6m 21 £12.9m 21 £11.9m 20 £687.5m 20 £14.3m 20 £13.2m Headline EBITDA¹ Net cash/(debt) Dividend per share £26.6m £9.0m 7.5p +49.4% +£14.7m +4.2% 22 £26.6m 22 £9.0m 22 7.5p 21 £17.8m £(5.7)m 21 21 7.2p 20 £18.7m £(12.3)m 20 20 6.9p * Initial analyst consensus expectations headline profit before tax : £11.2 million. 1 Stated before exceptional items, amortisation of acquired intangibles and the net finance cost of the Group's defined benefit NWF GROUP PLC pension scheme and the tax effect thereon where relevant. FINAL RESULTS TO MAY 2022 Fuels Operating highlights Significant outperformance 5 Significant outperformance from trading in very volatile markets with supply constraints: One-off gains highlighted by 2.6p per litre net profit (2021: 1.4p per litre) Oil supply issues from September with forecourt shortages and as a result of the Ukraine conflict Mild winter weather reduced demand for heating oil; also less business with online brokers Managed very volatile and increasing oil costs over the period (Brent Crude moving from $72 per barrel to a peak of $137 a barrel in March 2022) Continued the development of Priority Club with an App for tank monitoring and auto top-up Continued focus on acquisition opportunities; strong pipeline building Revenue £621.1m +38.7% 22 621.1 447.8 443.0 Operating profit £17.2m +84.9% 22 17.2 21 9.3 20 11.0 Volume (litres) 663m - 4.6% 22 663 21 695 20 665 Fuels NWF GROUP PLC FINAL RESULTS TO MAY 2022 This is an excerpt of the original content. To continue reading it, access the original document here .