Dairy Crest profits rise 31%

Dairy Crest has announced its results for the year ended 31 March 2014, showing adjusted profit before tax up 31% to £65.3 million.

1 From continuing operations
2 Before exceptional items, amortisation of acquired intangibles and pension interest
3 2012/13 comparatives have been restated to reflect amendments to IAS 19R: Employee Benefits. See Note 14 to the accounts

Commenting on the results, Mark Allen, Chief Executive, Dairy Crest Group plc said:
“The year ended 31 March 2014 was one of consolidation for Dairy Crest. Following the transformational sale of our French spreads business last year we have completed our reorganisation into one business structure. This has helped in our constant drive to reduce costs. Our largest brand, Cathedral City continues to grow strongly.

The current trading environment is challenging. However, the strength of our key brands and our proven ability to cut costs and drive efficiencies mean that we remain confident that we can generate profit growth in all three of our product groups over the medium term.

Additional profit growth will come from our project to add value to the whey stream at Davidstow, which is on track.

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