Preliminary Results Announcement
Dairy Crest today announces its audited results for the year ended 31 March 2010.
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Financial Highlights: |
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2009/10 |
2008/09 |
Change |
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Revenue |
£1,629.7m |
£1,647.6m |
-1% |
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Adjusted profit before tax* |
£83.5m |
£79.5m |
+5% |
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Profit before tax |
£77.8m |
£103.2m |
-25% |
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Adjusted basic earnings per share* |
44.5p |
45.0p |
-1% |
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Basic earnings per share |
40.6p |
56.8p |
-29% |
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Operating cashflow** |
£119.0m |
£79.8m |
+49% |
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Year-end net debt |
£337.2m |
£415.8m |
-19% |
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Proposed final dividend |
13.6p |
13.0p |
+5% |
* Before exceptional items, amortisation of acquired intangibles and pension interest.
** Cash flow from operations less capital expenditure
Business Highlights and Recent Developments:
- Dairy Crest has made significant progress this year:
- 5% increase in adjusted profit before tax
- 19% reduction in year end net debt
- Sales of key brands up 9%
- Sales of milk to major retailers up 8%
- New initiatives to generate £20 million annualised cost reductions
- Defined benefit pension scheme closed to future accrual
- 5% increase in final dividend
- The Group has also invested for the future:
- Increased marketing investment has strengthened key brands for further growth
- New capital investment programme to improve liquid milk
dairies
- Trading at start of the new year is in line with our expectations
Mark Allen, Chief Executive, Dairy Crest Group plc said:
"This has been an exciting year for Dairy Crest. We have consistently delivered on our strategy of brand investment, cost reduction and cash generation, and have strengthened the business for the future.
During the year, we have increased operating profits and significantly cut our borrowings, and at the same time we have continued to develop our key brands and other added value sales.
We have confirmed our commitment to our Dairies business by announcing a major capital investment programme. In addition we have continued to innovate with further developments in our new doorstep internet proposition. We have substantially reduced our pension scheme exposure and completed the important work to set out our corporate Vision and Values.
Dairy Crest has changed from the predominantly commodity focused, UK based business that it was fifteen years ago to an added value dairy food company with a significant profit stream from continental Europe. We have shown that we can grow added value sales both organically and through acquisitions and we are well placed to continue this."
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Dairy Crest Arthur Reeves |
01372 472236 |
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Brunswick Simon Sporborg Jayne Rosefield |
020 7404 5959 |