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Interim Profit Down at Robert Wiseman Dairies

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Interim Profit Down at Robert Wiseman Dairies

Interim Profit Down at Robert Wiseman Dairies
November 16
15:01 2010

As expected, following an earlier profit warning, Robert Wiseman Dairies, which processes and delivers 30% of the fresh milk consumed in Britain, has reported a fall in operating profit, down 2.7% to £21.0m, for the first six months ended October 2nd 2010, compared to the corresponding period last year.

Turnover increased by 6.8% to £452.8m during the first half, with sales volumes increasing by 8%. However, the highly competitive trading environment meant that the benefit of increased volumes and higher cream revenues were offset by reduced milk selling prices and increased costs that impacted on profitability in comparison to the prior year. Profit before tax declined by 3.5% to £20.2m.

The intense competitive pressures across all its market sectors are expected to adversely affect second-half trading profit by around £7m and, assuming no improvement in margins or volume gains, by approximately £16m in the financial year to 31st March 2012. Robert Wiseman Dairies is focusing on addressing the pressure on margins through an ongoing reduction in costs along with steps to maximise efficiencies across the business.

“The company is well placed to handle this period of intense competition,” says Billy Keane, managing director of Robert Wiseman Dairies. “We have the best dairy and distribution network in the industry, headroom to accommodate future volume growth, a robust balance sheet, low debt and intend to maintain dividend payments in line with last year.”

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