Things were on the up for Australian dairy group Warrnambool Cheese and Butter Factory. In August Warrnambool signed a JV with National Foods that will see it take a share of the Dairy Farmers acquisition and in October the company posted a 154% leap in full-year net profit on higher milk prices. However, in a reversal of fortune that demonstrates the volatile nature of commodity markets, a slump in Australian dairy prices forced Warrnambool to issue a profit warning last week. Dean Best caught up with CEO and MD Neil Kearney to find out more about the company's plans for the future and its push into value-added sectors.