Cheese and milk producer Dairy Crest served up a robust set of half year figures and issued an upbeat full year outlook as it offset higher input costs with increased selling prices.
The Cathedral Cheese maker said adjusted pre-tax profit rose 9% to £43.7m in the six months ended 30 September 2011 as higher profits in Spreads and Cheese offset lower Dairies profits. Revenue increased 2% to £796.2m. Milk&more weekly sales rose to £1.2m.
The maker of Country Life butter, Clover spread, St Hubert Omega 3 spread and FRijj, said it was on track with annual efficiency savings of £20m to help offset higher input costs.
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"Looking forward, the consumer environment is challenging and increasingly difficult to predict. Despite this, we remain confident that we will deliver profits for the year in line with our expectations," said chief executive Mark Allen.
The group said it has bank funding in place through to 2016. Half year net debt increased 9% to £365.3m.
Dairy Crest underlined its confidence in future trading with a 4% increase in its half year dividend to 5.7p.
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