Specialist agriculture and distribution company NWF (NWF) has reported that pre-tax profit in the half-year to 30 November will be down on last year.
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Lower commodity prices have eaten away at margins in the feeds business. The decline in the price of milk across the UK - NWF feeds one in six dairy cows in Britain - also meant farmers reined in their spending. Still, the group’s other two divisions - fuel and food - are trading in line.
