NWF, the distributor of fuel, food and feed that owns Boughey Distribution, said trading for the three months since June had been in line with expectations, with net debt reflecting normal seasonal fluctuations.

In a trading update, it said its fuels division had managed lower levels of commercial demand than in the prior year, which reflected reduced economic activity across the UK. It added that the board continued to look for acquisition opportunities for further expansion.

In its food business, NWF said there had been “significant demand volatility in the short term”, with supermarkets placing increased orders but lower levels in the food service sector. The group said demand was expected to remain volatile in the coming months due to the coronavirus pandemic, as well as Brexit uncertainty.

Feeds performed as planned, with stability in the dairy market and little change in commodity prices.

NWF said the outlook for the financial year remained in line with expectations and added: “We are also well prepared for future impacts of Covid-19 and Brexit, as the fundamentals of our markets are unchanged.”