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 | Experience | |
• | 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 | Experience | |
• | 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 ft2 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-offgains 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%
22621.1
- 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
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