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.
Danone completed its US$12.5bn acquisition of WhiteWave Foods this week. The move will roughly double Danone's presence in North America, where WhiteWave is a top four dairy player. ...
Premier Foods plc revealed today (28 March) it has secured a deal with its pension scheme trustees that will see the UK food maker reduce its pension burden....
Hain Celestial, under the scrutiny of the investment community in recent months and facing some challenges in its domestic market, has announced another shuffling of its management pack....
FrieslandCampina, which today served up higher profits but lower sales for 2016, is ready to offload the last non-dairy business owned by the Dutch cooperative giant....
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