Dairy Crest Group plc
Preliminary Results for the year ended 31 March 2002

Financial Highlights:

Dairy Crest, the UK's premier chilled dairy foods company with market leading brands Clover, Cathedral City, Frijj and the Yoplait brands, today announces its audited results for the 12 months to March 2002, including the first full year benefits of the Unigate dairy and cheese business acquired in July 2000.

Operating Highlights:

• Double digit volume growth by all added value brands
  
• £11 million synergies from Unigate acquisition - delivered in full and on time
  
• Continued business investment delivering competitive advantage

Current Highlight:

• Announcement today of £41 million net investment to establish Davidstow as UK's leading
  mature cheddar creamery

John Houliston, Chief Executive, Dairy Crest Group plc said:

"Our strategy to drive profitable growth, through our added value businesses and investment for least cost operations, continues to be successful. Our brands have made a good start to the year and continue to grow market share. The synergy benefits of the Unigate acquisition are being delivered in full and on time. As we complete the integration programme, the business will return to its strong cash generative position.

We expect that the pricing pressure in commodity markets will be resolved progressively over the course of the year as a result of the necessary realignment of raw milk prices. This, together with the increasing benefits of the Unigate acquisition, means that the results will have a greater weighting towards the second half than normal. Current performance is in line with expectations. We believe, therefore, that over the full year Dairy Crest will continue to deliver the expected attractive performance necessary to drive shareholder returns."

Click here to access the 2002 Annual Report.