NWF, the specialist distributor of feed, food and fuel, has issued an in-line preclose trading update (covering the 12 months to May-17). Within the mix, food and fuel delivered a strong performance, off-setting squeezed margins within feeds. As a consequence, we anticipate underlying PBT will increase from £7.6m in FY16 to £7.8m FY17E. Over the last quarter the shares have retreated on concerns that higher commodity prices will impact on earnings. Today’s announcement confi
