Robert Wiseman Dairies has seen first-half pretax profits drop by 36.6% to GBP11.6m (US$18.4m) after rising packaging and processing costs weighed on the group’s results.
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First half turnover at the UK dairy rose 21% to GBP396.3m, boosted by higher selling prices. However, volumes were up only 2.6% year-on-year, the company revealed today (7 November).
Looking to the second half, the company warned that lower cream prices could hit profits by as much as GBP7m.
“Despite very challenging conditions, which include a recent sharp decline in the value of cream and consequent impact on our profitability for the second half-year, the group is well positioned for the future,” CEO Robert Wiseman said.
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