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NWF Group PLC on Tuesday said it saw a decline in profit during the first half of its current financial year, due to a rise in one-off expenses.
The Cheshire, England-based distributor of fuel, food and feed said pretax profit for the six months that ended November 30 was £2.1 million, down 58% from £3.8 million the year before.
This was partly driven by exceptional expenses during the year increasing to £1.1 million from £400,000 a year prior.
Revenue fell 4.0% to £454.3 million from £472.9 million, while cost of sales & administrative expenses reduced 4.1% to £450.7 million from £469.6 million.
NWF declared an interim dividend of 1.0 pence per share, unchanged from the year before.
Chief Executive Officer Chris Belsham said: ‘The group has delivered a positive first half and we are trading in line with our expectations for the year as a whole. We are pleased with the improved performance in both Fuels and Feeds which has offset the short-term weaker performance in Food as we continued the stock build in the Lymedale warehouse.
‘Our pipeline of target acquisitions in Fuels is strong as we continue to consolidate the fragmented fuels distribution market. We have also continued to progress our key performance initiatives, aimed at enhancing our commercial approach and operational efficiency across the group.
‘Supported by our strong financial position, our outlook is unchanged and we remain confident in NWF’s growth potential and prospects.’
Shares in NWF Group were down 2.0% at 152.91 pence in London on Tuesday morning.
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