17 December 2013 – trading update
The agricultural and distribution group has confirmed that pre-tax profits for the six months to 30 November will be ahead of last year and in line with expectations. The Feeds business has traded well in the first half with Food also performing as planned. The Fuels business has also done well, with the focus being on commercial business given the lower demand for heating oil due to the mild weather. The company is forecast to make profits of £7m in the year to next May for earnings per share of 11.1p. Although the shares do not look expensive, the slowdown in demand for heating fuel is a slight concern and we reduce our recommendation to HOLD.