Dairy Crest Group has announced its interim results for the six months ended 30 September 2016. Adjusted profit before tax was up 19% to £19.1m, but revenues were down 7% to £190.0m.
Dairy Crest Group has announced its interim results for the six months ended 30 September 2016. Adjusted profit before tax was up 19% to £19.1m, but revenues were down 7% to £190.0m. The company noted that Cathedral City launched new branding and packaging with a successful marketing campaign, and that Clover, Country Life and Frylight all enjoyed strong volume growth.Full year expectations remain unchanged.“We are pleased to have delivered a strong set of interim results in our first full trading period since the sale of Dairies,” said Mark Allen, Chief Executive. “Our four key brands are continuing to perform well in a challenging marketplace, with strong volume growth for Clover, Country Life and Frylight and a successful launch of new branding and packaging for Cathedral City. “We are also seeing the benefits of Dairy Crest’s transformation into a leaner and more focused organisation, with strong profit growth and significantly improved cash generation during the first half. Our expectations for the full year remain unchanged. “Looking further ahead, the significant investment at Davidstow has opened up attractive opportunities in high-margin, global infant formula markets as well as the potential to develop new functional ingredients. Combined with our continued focus on innovation within our key brands, this will underpin future growth and help us to maintain our strong track record of rewarding shareholders with higher dividends.”