Barry Capp, chairman of the dairy sector giant National Foods, has told investors that he will continue to look out for acquisitions despite an apparent lack of suitors.

Speaking at the firm’s annual meeting yesterday [Tuesday] he commented: “With the Australian industry apparently unwilling to take up opportunities for industry consolidation, the prospect of the company securing a large and transforming acquisition is unlikely.”

Nevertheless, he said, NatFoods will continue to cut costs to avoid a share buyback to enable the firm to take advantage of any opportunities as they arrive. These are most likely to come in the form of smaller “bolt-on” acquisitions.