NWF Group hampered by fuel and food

Full year figures from NWF Group, the specialist agricultural and distribution business, were in line with expectations as the firm suffered a sharp fall in profits.

Revenue was up 16.5% to £540.2m but pre-tax profits took a dive from £7.6m to £5.1m.

Basic earnings per share down 29.6% to 8.1p and the full year dividend was maintained at 4.5p per share.

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The firm saw falls in both its feeds and fuels divisions.

Feeds showed an operating profit of £2.7m, compared to £4m the year before, while fuels came in at £0.6m, down from £3.3m in 2011.

The firm said feeds were hit by volatility of commodity prices and the high prices impacting farmers.

Meanwhile fuels suffered from an extremely warm winter, high oil prices and a tough economic environment.

"NWF has delivered a profit in line with the Board's expectations and has been successful in reducing debt further than had been expected," said Chief Executive Richard Whiting.