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Robert Wiseman Dairies Cautions on Profits

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Robert Wiseman Dairies Cautions on Profits

Robert Wiseman Dairies Cautions on Profits
September 16
11:09 2010

UK liquid milk specialist Robert Wiseman Dairies has cautioned that whilst anticipated sales volumes for the year remain unchanged, operating profits will be impacted by around £7m in the second half of the year to April 2nd 2011 and, assuming no improvement in margins or volume gains, by approximately £16m in the full financial year to March 31st 2012. According to the company, the reduction in anticipated profit is the result of recent intense competitive pressures across all sectors of the market.

Wiseman’s financial performance continues to be impacted by volatility in oil related costs, which have remained higher in the current period than in the equivalent period of the previous year. While fuel costs have eased, the cost of plastic has not declined by the same level. The higher oil related costs incurred have been mitigated by the contribution from higher cream revenues, which have exceeded those generated in the same period of last year. These higher returns also helped support an increase in the price paid for raw milk supplies from August.

Wiseman is confident that it is best placed within the UK dairy industry to manage the impact of a highly competitive trading environment going forward. It will continue to seek to improve efficiencies across its operations and eliminate costs where possible, with a view to rebuilding future margins to a more acceptable level.

Wiseman will report interim results for the six months ended October 2nd 2010 on Monday, 15th November 2010.

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