NWF : Full Year Results 2023

Richard Whiting

Chief Executive

Succession

• Retiring from NWF (aged 60) in March 2024
• Fifteen-yeartenure at NWF Group plc as Chief Executive delivering a significant sustained increase in returns for shareholders

Skills and experience

• Considerable leadership and strategic experience in a number of manufacturing and specialist distribution businesses in the building products and consumer products sectors
• Significant experience at board level with over seventeen years' experience in fully listed and AIM businesses
• Broad experience including CFO of a FTSE Small Cap listed business and operating at a senior level in sales and marketing roles in a FTSE 100 building products group

Chris Belsham

Chief Executive designate

Succession

• In line with the Board succession plans, will be appointed CEO in March 2024

Skills and experience

• Considerable strategic and leadership experience at both NWF Group and as Head of Corporate Finance and Equity Partner at Irwin Mitchell LLP
• Extensive M&A, valuation and financing expertise across a range of sectors following fourteen years as a corporate finance adviser with KPMG with a focus
  on listed clients
• Qualified Chartered Accountant and Fellow of the Institute of Chartered Accountants for England and Wales having qualified with PwC in 1999

Katie Shortland joins as CFO in October 2023

• Experienced finance and business leader in infrastructure, engineering and manufacturing (Midland Expressway, Meggitt plc and Rolls Royce plc)

Summary

• Third largest oil distributor in the UK
• 636 million litres delivered in 2023
• Road diesel, gas oil, heating oil and petrol
• 27 depots across the UK
• 155 tankers delivering fuel
• 100,000 customers, both commercial and domestic
• Seven acquisitions since 2019 in a fragmented market

• Boughey Distribution is a leading consolidator of ambient grocery products
• Over 1 million ft2 of modern, racked warehousing
  in Cheshire
• 122,000 pallet spaces utilised
• 144 trucks and 320 trailers
• 131 contracted ambient grocery customers

• Second largest national ruminant feed supplier - feeds one in six dairy cows
• Feed mills in Cumbria, Cheshire and Devon
• 514,000 tonnes sold in 2023
• 4,132 farming customers
• 39 trucks and 17 trailers
• Primarily dairy, also beef and sheep

Headline profit before tax¹

£19.6m

-6.2%

Dividend per share

7.8p

+4.0%

Fuels

Operating highlights

Fuels

Resilient performance

• Very resilient performance in tough market conditions
• Oil supply issues in the autumn/winter period: UK removed Russian sourced oil
• Trunked oil across the country, benefitting from national supply agreements
• Mild winter: lower demand for heating oil and consumers reduced usage in the cost-of-living crisis
• Managed highly volatile oil costs over the period:
• • Brent Crude moved from $124 per barrel to $74 per barrel
  • Heating Oil Platts price fell from 98p per litre to 46p per litre
• Heating oil remained a lower cost source of home heating throughout 2023
• Two acquisitions in the last 12 months in Oxfordshire and Kent adding 39 million litres per annum

Revenue

£757.2m

+21.9%

23757.2

1. 621.1

1. 447.8

Operating profit

£12.9m

-25.0%

2312.9

1. 17.2

1. 9.3

Volume (litres)

636.0m

-4.1%

23636

22663

21695