Express Dairies has reported a 23.5% rise in full-year pretax profit and said that while the difficult trading environment continues, its proposed merger with Arla UK would create cost savings for the company.
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The UK dairy company said pretax profit in the year to 31 March rose to £12.0m (US$20.2m) from a year-earlier loss of £10.3m. Exceptional costs fell to £12.7m from £30.9m a year earlier. The company’s pretax profit before exceptionals and goodwill amortisation rose 23.5% to £28.4m.
Chief executive Neil Davidson told Dow Jones Newswires that the proposed merger would deliver sots savings across the group and particularly for the collection and delivery of milk and in its dairy facilities.
Davidson said the company would hopefully find out in around two weeks time if the Office of Fair Trading is going to approve the deal.
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