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Interim Results Announcement 2007

Dairy Crest’s unaudited results for six months ended 30 September 2007

Financial Highlights

  Half year ended 30 September
Financial Highlights: 2007 2006 Change
Revenue: £761.4m £588.6m +29%
Profit before tax: £30.6m £29.8m +3%
Adjusted profit before tax*: £37.1m £30.6m +21%
Earnings per share: 20.3p 17.8p +14%
Adjusted earnings per share*: 22.2p 18.2p +22%
Half year net debt: £458.5m £329.0m +39%
Interim dividend: 7.1p 6.7p +6%

* before exceptional items and amortisation of acquired intangibles.

Business Highlights and Recent Developments:

Successful first half as reshaped business continues to grow:

- Good growth from key pillar brands including Cathedral City, Utterly Butterly, Country Life Spreadable, St Hubert Omega 3 and Petits Filous

- New healthier variants of key brands performing well

- Encouraging early results from trials of our internet based doorstep delivery  service 'milk&more'

Strong performance from St Hubert, as first step into Europe, with market share gains in France

Clover performance improving following product recall in May

Price increases being implemented to reflect rising raw milk costs

Investment in new, highly automated, cheese packing facility at Nuneaton

Mark Allen, Chief Executive, said:

"Dairy Crest has delivered a good first half performance.  Most of our key pillar brands including Cathedral City, Country Life Spreadable, Utterly Butterly, St Hubert Omega 3 and Petits Filous are performing strongly.  In addition we are making good progress with healthier variants of some of these brands. 

We are particularly pleased with the strong performance from St Hubert in France and the early encouraging results from the 'milk&more' trials in our doorstep business.  Whilst market conditions are challenging, we are implementing price increases across most dairy categories to reflect higher raw milk costs. The Group's expectations for the full year remain unchanged."

For further information

Dairy Crest Group plc
Will Shaw, Investor Relations
Tel: 01372 472477

Nicole Lander, Media
Tel: 01372 472419

Brunswick
Simon Sporborg / Laura Cummings
Tel: 020 7404 5959