Operating profit slipped to £800,000 in the first half at Boughey Distribution as a result of slower take-on of new customers than had been anticipated.
Boughey, part of NWF Group, reported a 17.5 per cent fall in revenue to £18.9m for the half year to 30th November.
NWF said the figures were “slightly behind management expectations, as the business has available storage capacity, the take-on of new customers has been slower than anticipated and outbound activity has been lower”.
In contrast, NWF’s Feeds business reported operating profit £1.6m ahead of expectations on a 10 per cent rise in sales. The Fuel distribution business reported a 5.1 per cent fall in sales to £171.4m with operating profit of £500,000 – in line with expectations.
NWF chairman Mark Hudson said: “The group has delivered a set of solid results in a weak economic and financial environment. The group is trading in line with the expectations of the board and as we set out at the time of our preliminary announcement, we are continuing to work on development plans with a particular emphasis on opportunities in the agriculture markets.”
