For release 07.00 a.m. Wednesday 19 July 2023

NWF Group plc   

NWF Group plc: Acquisition and notice of final results

NWF Group plc ('NWF' or the 'Group'), the specialist distributor of fuel, food, and feed across the UK, today announces a bolt-on acquisition within its Fuels division and provides notice of its final results for the year ended 31 May 2023.

Acquisition of Geoff Boorman Fuels

NWF announces it has acquired the trade and assets of Geoff Boorman Fuels from Geoff Boorman Fuels LLP, which represents the second fuels acquisition in the last 12 months.  This is in line with the Group's strategy to grow the fuels distribution business, in which the Group is the third largest player in the UK.

Geoff Boorman Fuels is a nineteen million litre fuel distributor based in Edenbridge, Kent with a largely domestic customer base. The acquisition complements Home Counties Fuels, the Group's Kent based commercial fuel distribution operation thereby supporting the Group's development in the South-East. The acquisition is expected to be accretive to underlying earnings of the Group, and the £2.6 million consideration has been paid in cash on completion from NWF's existing cash resources.

NWF's growth strategy is to both expand the geographic coverage of the fuels business within the UK and consolidate businesses adjacent to the existing depot network. NWF's acquisition of Sweetfuels Limited (announced on 22 December 2022) has been integrated as planned and is performing well.

Notice of final results for the year ended 31 May 2023

The Company will announce its final results for its financial year ended 31 May 2023 on Tuesday 1 August 2023.

A meeting will be held for analysts at 9.30 a.m. on the day of the results announcement at MHP, 60 Great Portland Street, London W1W 7RT. Please contact MHP for further details at [email protected].

Information for investors, including analyst consensus forecasts, can be found on the Group's website at www.nwf.co.uk.