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Dairy Crest spreads and cheese 'perform well' in difficult market

The company completed the sale of its dairies division to Muller on December 26, 2015


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Dairy Crest said its cheese and spreads operations performed well in a difficult environment as it announced its interim statement for the nine months to December 31.

 

The firm claimed all four key brands increased or maintained value share in the third quarter, with the combined sales of Cathedral City, Country Life, Clover and Frylight remaining broadly in line with last year over the nine month period.

 

Volumes increased by two per cent in the period.

 

Dairy Crest completed the offload of its dairies division to Muller on December 26 and the firm claimed this part of the business sustained losses until the sale.

 

Mark Allen, chief executive of Dairy Crest, said: “Dairy Crest is now a branded and added-value business well placed to achieve profitable and sustainable growth.

 

“The strength of our brands is demonstrated by their performance in a challenging, deflationary consumer environment.”

 

Company bosses said they now expected proceeds from the sale before working capital adjustments to be at the ‘lower end’ of its £40-50 million guidance and net proceeds before cost to be about £30m.

 

“We are also entering an exciting new chapter for Dairy Crest. Our functional ingredients business will be a key part of Dairy Crest in the future, giving us access to new growth markets” Mr Allen added.

 

“The outlook for the full year remains in line with our expectations.”


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