NWF Group has reported a decrease in pretax profit for the first half of fiscal year 2024. The fall in profits can be attributed to normalizing market conditions in the fuel and feed sector, which has impacted profitability. However, the company remains positive about its prospects for the full year, noting that the second half is historically more significant.
During the half year ended November 30, pretax profit stood at £3.8 million ($4.8 million), compared to £5.9 million in the previous year. Revenue also saw a decline, dropping from £541.8 million to £472.9 million. This decrease in revenue can primarily be attributed to lower commodity prices in fuels and feeds.
Despite these challenges, NWF Group highlighted its strong performance in the food division during this period, which partially offset the less supportive market conditions in fuels and feed. The company remains committed to its long-term growth strategy, focusing on both organic investment and targeted acquisitions. NWF Group is confident in its potential and future prospects, supported by its robust financial position.