Dairy Crest has reported its half year results. Revenue was up 16% to £220.1m, while adjusted profit before tax was up 8% to £20.6m. Its full year expectations remain unchanged.
Dairy Crest has reported its half year results. Revenue was up 16% to £220.1m, while adjusted profit before tax was up 8% to £20.6m. Its full year expectations remain unchanged.“We have had an encouraging first half, with Cathedral City, Clover and Frylight delivering good growth in both volumes and value,” said Mark Allen, Chief Executive. “Cathedral City, the nation's favourite cheese, continues to go from strength to strength and has produced exceptional growth over the period. We have delivered good profit growth despite a record high cream price, which has a temporary but significant impact on input costs in our butter and spreads business. We expect to accelerate sales of demineralised whey and GOS in the second half of this year. In conjunction with our partner Fonterra we are making good progress in developing sales channels for our products. Our strong brands and the quality and efficiency of our operating facilities mean that we are well positioned to grow. While we expect butter input costs to continue to be challenging for the remainder of the year, we are confident in delivering our full year expectations.”