NWF Group released annual results for the fiscal year ended May 31, 2026, showing a modest expansion in top-line sales and uneven outcomes across its operating divisions.
Revenue for the period rose 1.9% to £920.30 million. On a headline basis, operating profit edged up 3.1% to £16.80 million, while headline earnings per share declined by 3.2% to £0.18. The company reported a pretax profit of £12.5 million and recorded net debt of £60.50 million at the period end.
The board has recommended a 3.6% increase in the dividend, marking the 15th consecutive year of dividend growth for NWF.
Division performance
- Fuels - The Fuels division was affected by weaker demand for heating oil during the first half of the fiscal year and experienced oil price volatility in the final quarter. NWF noted continuing market uncertainty in this segment linked to the Middle East conflict.
- Food - The Food division produced stronger results, supported by higher customer demand, improved storage utilisation rates and operational enhancements across the business.
- Feeds - The Feeds division kept profits broadly stable as robust demand in the first half was offset by lower milk prices and softer conditions in the second half of the year.
Looking ahead, NWF indicated it expects performance in the current fiscal year to be broadly in line with results delivered in fiscal 2026.
The company reiterated its growth strategy, citing continued pursuit of expansion through acquisitions, organic investment and business improvement initiatives.
Implications and context
The results present a mixed picture: revenue and headline operating profit climbed modestly, while headline earnings per share fell slightly. The proposed dividend increase continues a long-running pattern of shareholder payouts. Operationally, the Food division provided the primary uplift to performance, while the Fuels division remained vulnerable to demand fluctuations and price swings related to geopolitical developments. The Feeds business showed resilience overall, absorbing weaker milk prices in the second half after a stronger first half.
Management commentary and the company's stated objectives emphasize both acquisition-led and organic avenues for growth, alongside internal initiatives intended to improve efficiency.