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Birmingham Post
Birmingham Post
Business
Tom Houghton

Hacking incident costs NWF Group £500,000 as trading in shares restarts after 10 day suspension

Agricultural business NWF Group has announced trading in its shares has restarted after a hacking incident that lasted over a week and cost the company £500,000.

The Cheshire-based firm announced on November 2 it had suspended shares after a "cyber incident" that saw "unauthorised access" to IT systems in two of its divisions and at group level.

The firm, a specialist distributor of food, fuel and feed across the UK, said on that Thursday following "extensive investigations" supported by cyber security experts, it was "satisfied" the incident had now been contained - with additional measures now applied to IT systems.

The Nantwich firm's shares have now restarted trading on the Alternative Investment Market (AIM), although at 9.20am, they were down 6%.

The statement issued on Thursday morning said: "The group confirms that no information material to the running of the business was irretrievably lost as a result of the incident. 

"Despite the temporary shut down of certain systems, the group is pleased to report that each of its three divisions has continued to operate with minimal disruption and the board does not expect that the incident is likely to result in any material impact on underlying trading."

It added that investigations into the incident continue and that the group "will continue to assess its legal obligations".

Addressing the financial impact, the statement added: "It is expected that the costs associated with the group's response to the incident will be approximately £0.5m net of recoveries under the group's existing cyber insurance and as such the overall financial impact on the group is not expected to be material."

Trading in the company's ordinary shares began at 7.30am on Thursday.

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