Interim Results Announcement
Dairy Crest announces its unaudited results for the six months ended 30 September 2009
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Half year ended 30 September |
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Financial Highlights: |
2009 |
2008 |
Change |
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Revenue: |
£803.7m |
£808.2m |
-1% |
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Profit before tax: |
£34.0m |
£28.4m |
+20% |
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Adjusted profit before tax *: |
£38.1m |
£35.1m |
+9% |
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Basic earnings per share: |
18.6p |
4.7p |
+296% |
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Adjusted basic earnings per share *: |
20.1p |
19.7p |
+2% |
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Operating cash flow ** |
£58.6m |
£13.3m |
+341% |
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Half year net debt: |
£380.4m |
£490.6m |
-22% |
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Interim dividend: |
5.3p |
7.1p |
-25% |
* before exceptional items, amortisation of acquired intangibles
and pension
interest.
**cash generated from operations less capital
expenditure
Strong first half performance
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Strong cash generation |
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- Operating cash flow improved by £45 million |
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Continued brand growth |
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- 10% increase in sales of five key brands |
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Good growth in other added value markets |
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- 50% growth in retailer own-label fresh flavoured milk sales |
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Continued focus on cost reduction and efficiency improvements |
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- Further rationalisation of glass bottling capacity planned,
building on decisive |
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Reduced risk |
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- Defined benefit pension scheme closing to future accrual |
Mark Allen, Chief Executive, said:
"Dairy Crest has had a strong six months. At this time last year we set out our strategy to invest in our brands, control our costs and focus on cash generation to lower our debt. The results we are announcing today confirm that we have delivered against this strategy. We are encouraged by the good progress we have made, which has delivered a 9% improvement in adjusted pre-tax profit, a £45 million improvement in operating cash flow and has allowed us to reduce our net debt by over £110 million since September 2008."
Our second half focus will remain on cash management, cost reduction and the development of our key brands. We remain convinced that this strategy is appropriate given the challenging economic environment in which we continue to operate."
For further information:
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Dairy Crest Group plc |
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Arthur Reeves |
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01372 472236 |
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Brunswick |
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Simon Sporborg |
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020 7404 5959 |
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Click for pdf of full announcement
http://investor.dairycrest.co.uk/download/half_year_results_announcement_2009.pdf
and for audio cast of full presentation ...