UK dairy group Robert Wiseman Dairies said today (26 September) that half-year sales and volumes are in line with forecasts – and predicted an “improvement” in the second half as price increases offset rising costs.
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The company, which has faced rising costs and delays in passing through price increases to customers, said it was “confident” its latest bid to raise prices would stick, leading to a “significant improvement” in its performance in the second half of its fiscal year.
“In overall terms, we believe our results for the year will still be in line with our expectations,” finance director Billy Keane said ahead of an analyst meeting today.
In May, Wiseman issued a profit warning that sent shares in the company tumbling. The company said rising energy and wage costs and delays in passing on those higher costs would hit earnings to the tune of GBP8.5m (US$15.6m).
However, Keane remained upbeat about the company’s future, revealing that it had agreed to buy a site in Wiltshire for GBP4.5m for a new distribution depot.
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By GlobalDataHe said: “We expect a satisfactory outcome for the year and remain confident that, with our new Bridgwater dairy now fully on-stream and a new distribution site acquired, we are well positioned for future growth.”
Wiseman will issue its half-year results for the six months to 27 September on 7 November.
