Interim results from NWF show a solid start to FY16, with underlying EBIT unchanged at £2.8m (in-line with PG forecasts). We believe this is an impressive performance given the headwinds facing each of the three divisions (notably lower milk and fuel prices) and we maintain our FY16 PBT estimates of £7.4m. The business continues to deliver cash. Despite spending £4.5m on acquisitions (1H16) and £2.4m in dividends (2H15), Nov-15 net debt was £1.8m lower than in No
