UK: Robert Wiseman H1 profits slide
Robert Wiseman Dairies said its first-half results are "consistent" with its expectations, despite booking a drop in profits.
For the six months ended 2 October, the company, which supplies milk to the likes of Tesco's and Sainsbury's, booked a 3.5% decline in profit before tax to GBP20.2m (US$32.5m). The drop however, was mitigated by a lower tax charge for the period, resulting in a 1.5% increase in profit after tax for the period to GBP15.1m, the firm said.
Turnover increased by 6.8% to GBP452.8m in the period, with sales volumes increasing by 8%.
Operating profit however, slid 2.7% to GBP21m, resulting in an operating margin of 4.6%.
"We recently reported intense competitive pressures across all sectors of the market," the firm said in a statement. "As highlighted at that time, we anticipate this will impact our second-half trading profit by around GBP7m and, assuming no improvement in margins or volume gains, by approximately GBP16m in the financial year to 31 March 2012.
"As a result, the business is focused on addressing the reduction in margins through the ongoing reduction in costs along with steps to maximise efficiencies across the business," it added.
Click here to view the full earnings release.
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