Blog: Don't milk Dairy Crest share fall
Dean Best | 13 November 2009
Prepare for three quick-fire UK-focused blogs:
First, Dairy Crest, the UK's largest dairy group and the company behind Cathedral City cheese and Country Life butter (the spread pushed by Sex Pistols frontman Johnny Rotten).
The company's shares curdled yesterday (12 November) despite a jump in half-year profits. The stock took a hit as the company announced it would slash its dividend - a decision it had already flagged to the market back in May.
So, it could be a little soon for the market to think the milk has turned sour at Dairy Crest. The company's cheese and spreads business is holding up well and, despite some weakness in dairy commodities and milk delivery, not all analysts are anxious about the company's performance to date.
"Overall, the group has produced a resilient result, with some modest half-on-half progress, despite the tough backdrop. We expect to see the same at the full year," insists Investec analyst Nicola Mallard.
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