Dairy Crest Group Reports Final Results for Year
23 May 2013 --- Dairy Crest has reported that adjusted profit before tax is up 7% to £50.6 million with year-end net debt down 82% to £60 million. Innovation driving added value sales: 5% of total revenue and 9% of key brand revenue generated from products introduced in the last three years.
There was continued focus on costs: £23 million annualised cost savings delivered in 2012/13, with a further £20 million identified for 2013/14
Commenting on the results, Mark Allen, Chief Executive, Dairy Crest Group plc said: "This has been an important year in the history of Dairy Crest. The sale of our French spreads business and subsequent restructuring of our balance sheet has strengthened our financial position and leaves us well placed to invest for growth in the UK, either internally or through acquisitions.”
"In line with our long term strategy we have continued to manage proactively the business and remain focused on driving efficiencies. Taken together, our four key brands have increased their market share in the face of falling UK consumption. We have also started to restore profits in our Dairies business.”
"Dairy Crest is today a more streamlined business, and all three of our product categories have encouraging medium-term profit growth prospects. Whilst we expect the consumer environment to remain subdued, we have strong foundations in place and trading in the current financial year has started in line with our expectations."
