North West agricultural business NWF has said it will consider acquisition opportunities following a year that exceeded expectations despite Brexit and Covid.
The Cheshire-based firm reported revenues of £675.6m to May 31 - 1.7% down on the previous year, and operating profit of £12.9m.
Despite that being almost 10% down on last year's £14.3m, the group said it was its second highest profit performance on record, with 2020's figure having benefitted from a big fall in the price of oil.
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The Nantwich-based firm said it saw an outperformance in fuels with strong heating oil demand supported by a cold winter and an increase in home working during the pandemic.
In food, it saw a strong second half recovery due to the anticipated benefits of its new Crewe warehouse. And in feeds, performance was impacted by the "significant increase" in commodity prices.
That's as well as reduced management information as a result of a hacking incident that hit the firm last year.
Richard Whiting, chief executive of NWF Group, said: "NWF has delivered another strong set of results, ahead of expectations set before the pandemic, demonstrating continued performance, delivery and resilience.
"Our teams have worked hard during the year meeting customers' needs whilst staying safe. I'm proud of how we have responded to the challenges of Covid-19, Brexit and a cyber incident and exited the year strongly, with significant financial capacity and a clear growth strategy."
The firm said for a tenth successive year, it has proposed to increase the total dividend - this time by 4.3% to 7.2p per share - and that no Government support was used during the pandemic, with no staff furloughed.
Mr Whiting added: "There is a significant opportunity for growth backed by strong cash flows and flexible banking facilities alongside a strong asset base.
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"We will therefore continue to consider acquisition opportunities, building on our successful track record of acquiring and integrating businesses, as well as investment in organic development.
"Performance to date in the current financial year has been in line with the Board's expectations. Overall, the Board continues to remain confident about the group's future prospects."
