NWF Fuels is a leading distributor of fuel oil and fuel cards delivering over 500 million litres across the UK to 58,000 customers. It is one of the largest authorised distributors of Texaco and is a major customer of other fuel suppliers including Shell and Jet.
- We have a proven depot operating model
- The business can deliver a solid result even when market conditions are adverse
- Volumes remain robust for the time of year
Fuels has delivered significant growth in the year breaking through the 500 million litres mark for the first time. Growth was delivered across the depot network and this, along with robust margins, mitigated effectively the warm weather of the first half and consequent lower demand for heating oil. In addition, the cold starts (Home Counties Fuels and Martlet Fuels) performed ahead of expectations delivering in excess of 30 million litres in the year.
Volumes rose 8.2% to 513 million litres (2016: 474 million litres), whilst revenue increased by 22.6% to £358.6 million (2016: £292.5 million) as a result of higher oil prices and a greater proportion of diesel and gas oil sales in the year. The average Brent Crude oil price in the year was $51 per barrel compared to $46 per barrel in the prior year.
Headline operating profit was up 15.4% to £4.5 million (2016: £3.9 million) as the additional volume generated an increase in profitability.
With 58,000 customers being supplied across 19 fuel depots, Fuels operates in markets that are large and robust and can effectively manage the volatility in oil prices.