Dairy Crest today (22 May) posted a 24% jump in annual profit thanks in part to good growth from key brands including Cathedral City cheese and Frijj milk drinks.
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The UK dairy group said underlying pre-tax profits had reached GBP80.5m (US$158.8m) as turnover rose 12% to GBP1.4bn.
“This financial year was an active one in which we significantly reshaped the group and continued to drive performance,” said Dairy Crest chief executive Mark Allen.
Last November, Dairy Crest moved into continental Europe with the acquisition of French spreads business St Hubert. Dairy Crest said the initial signs from the business had been “encouraging” as it gained market share in France.
Dairy Crest said it is “on-track” to deliver synergies from last year’s acquisition of the Express Dairies business, which it bought from Arla Foods. Dairy Crest believes it can deliver cost-savings of GBP9m in 2008/09.
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