Dairy Crest has said it expects to deliver a “steady” first-half performance, although the UK dairy group conceded sales of its spreads brands came under pressure during the period.

In a trading update for the six months ended 30 September, Dairy Crest said branded sales are expected to be flat year-on-year as the group lapped a tough comparison. Strength in cheese will be offset by lower sales in the spreads business, the group revealed.

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Dairy Crest added the underlying performance of its spreads business continued to progress towards the medium-term target of 3% return on sales.

The company reiterated its full-year outlook. Shore Capital analysts expect FY current pre-tax profit of GBP58m (US$80.2m) and EPS of 31.8p, down from GBP70m and 37.9p a share last year.

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