Full year results from NWF highlight that earnings are driven by contribution per unit of volume and not revenue (sales -5.4%, EBIT +1.2%). Moreover, despite the challenging trading environment, the business is demonstrably cash generative (FCF £8.4m in FY16, £8.8m FY15, average cash conversion 114% FY14-FY16). This generation is materially helped by a healthy working capital inflow (£5.2m FY16, £2.4m FY15). Therefore, whilst management spent £9.5m on acquisition
