Cheese manufacturer saw adj PBT increase 19% and EPS 22%
Companies: Dairy Crest Group
Dairy crest group plc has released solid interim results for the half-year this morning, reporting a 19% increase in adjusted profit before tax and a 22% increase in EPS despite seeing revenues fall 7%.
The Surrey-based dairy products company reported revenues of £190m, down from £204m last year, with an improved operating cash inflow of £17.5m, and raised its proposed interim dividend 2%.
Management confirmed that its full-year expectations remain unchanged.
The company's four key brands have performed well in a challenging marketplace, with strong results from Clover, Country Life, Frylight.
The company has sought to offset declining sales in Cathedral City with a package rebranding.
CEO Mark Allen, said he was pleased with the results from the first full trading period since the sale of Dairies:
"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.
... 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."