FDBusiness.com

Dairy Crest ‘well placed’ for UK growth following St Hubert disposal

 Breaking News
  • Coca-Cola HBC to Acquire Italian Water and Sparkling Beverages Company in €88 Million Deal Coca‑Cola HBC has agreed to acquire Acque Minerali, a privately-held natural mineral water and adult sparkling beverages business based in Italy. The acquisition is being made in conjunction with The Coca-Cola Company, in-line with previous similar acquisitions. The total enterprise value payable by Coca‑Cola HBC and The Coca‑Cola Company, subject to customary closing adjustments, amounts [...]...
  • Britvic Signs Up to Science Based Targets Initiative Britvic has pledged to pursue bolder greenhouse gas (GHG) emission reduction targets by signing up to the Science Based Targets initiative. Britvic joins around 600 leading companies from around the world in formally committing to independently verified science-based GHG emission reduction targets. Britvic’s A Healthier Everyday sustainability strategy recognises climate change as one of the biggest threats facing [...]...
  • Marks & Spencer Partners Infarm to Bring Urban Farming to London Stores M&S Food is partnering with infarm – one of the world’s most advanced urban farming platforms – to deliver a range of fresh produce grown and harvested in a selection of the retailer’s London stores. Customers will now find a range of fresh herbs – including Italian, Greek and Bordeaux Basils, Mint, Curly Parsley and Mountain [...]...
  • Coca-Cola European Partners to Remove 4,000 Tonnes of Single-use Plastic by Swapping Shrink Wrap For Cardboard in Western Europe Coca-Cola European Partners, will be replacing plastic shrink wrap with cardboard for its can multipacks across Western Europe, removing approximately 4,000 tonnes of single-use plastic per year across the region. This is the latest move in Coca-Cola’s commitment to tackle packaging waste and remove all unnecessary single-use plastic from its secondary packaging. Plastic shrink wrapping is used [...]...
  • EU Leading in Global Agri-food Trade The EU has been confirmed for yet another year in its position as the largest global exporter of agri-food products, with sales reaching €138 billion in 2018. Agriculture products represent a solid share of 7% of the value of EU total goods exported in 2018, ranking fourth after machinery, other manufactured goods and chemicals. Agriculture and [...]...

Dairy Crest ‘well placed’ for UK growth following St Hubert disposal

Dairy Crest ‘well placed’ for UK growth following St Hubert disposal
May 24
10:59 2013

Dairy Crest is “well placed” for growth in the UK through internal investment or acquisitions following the 2012 disposal of its French spreads business, St Hubert, according to the company’s CEO Mark Allen.

Commenting on Dairy Crest’s performance during the 12 months ended 31 March 2013, Allen said that the sale of St Hubert and the company’s subsequent restructuring efforts have “strengthened” its financial position.

Dairy Crest sold St Hubert to Paris-based Montagu Private Equity last year for €430m (£370m, $560m).

According to Dairy Crest, the sale of St Hubert “refocused the business on the UK.”

Over the last year, Dairy Crest also executed a number of cost-cutting, restructuring measures in an attempt to improve the efficiency of its business. In February 2013, the company reported that it was “on track” to exceed its annual cost saving target.

“The sale of our French spreads business and subsequent restructuring of our balance sheet has strengthened our financial position and leave us well placed to invest for growth in the UK, either internally or through acquisitions,” said Allen in a statement published yesterday.

“In line with our long term strategy we have continued to manage proactively the business and remain focused on driving efficiencies,” said Allen. “Taken together, our four key brands have increased their market share in the face of falling UK consumption. We have also stated to restore profits in our Dairies business.”

“Dairy Crest is today a more streamlined business, and all three of our product categories have encouraging medium-term profit growth prospects. Whilst we expect the consumer environment to remain subdued, we have strong foundations in place and trading in the current financial year has started in line with our expectations,” he added.

Allen made the comments on the back of Dairy Crest’s 2012 full-year results, which were published yesterday.

The firm reported revenue of £1.382bn ($2.1bn, €1.6bn) for the 12 months ended 31 March 2013 – a 9% decrease on the £1.515bn ($2.3bn, €1.76bn) reported in the previous year.  Profit for the year, however, jumped to £54.5m ($82.4m, €63.5m) – a significant improvement on the £17.1m ($25.9m, €19.9m) loss reported last year.

About Author

colin

colin

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements