UK: Wiseman H1 profits set to beat targets
Shares in Robert Wiseman Dairies rose in early trading today (1 October) after the UK milk supplier said it was "confident" half-year profits would beat expectations.
Wiseman, which supplies UK multiples including Sainsbury's and The Co-operative Group, said sales and volumes had come in above forecasts for the six months to 3 October, which had led to the upbeat tone on earnings.
Shares in the group were up 4.9% at 441p at 09:56 BST this morning.
Wiseman saw an improvement in the value of bulk cream, which the company said had recovered from a "very weak" period in the second half of the group's last fiscal year.
However, Wiseman warned that oil-related costs had increased in the first half of fiscal 2010. The company said there had also been "some sharp upward moves" in recent weeks in the Platt's resin index for HDPE, which affects the costs of plastic bottles.
Nevertheless, finance director Billy Keane said: "We are on track for a satisfactory set of interim results."
Wiseman is slated to issue its half-year numbers on 16 November.
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