Dairy company Robert Wiseman Dairies PLC announced today (Thursday) that its supply contract with Wm Morrison Supermarkets is not to be renewed.
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Wiseman will continue to service Morrison until October 2005, it said. This contract was worth approximately £50m (US$95m) in turnover for the year ended 2 April 2005. Given the disposal of stores made by Morrison in the last year the contract is currently worth approximately £40m per annum in turnover.
As a result of changes in milk supply announced by multiple retailers in the last twelve months the net position in terms of volumes sold by Wiseman is expected to be broadly neutral.
“We are disappointed with the loss of this customer, which accounts for around 9% of our current volumes,” said managing director Robert Wiseman. “This loss is expected to affect the business from October and we will take mitigating actions to minimise the impact. We remain focused on long term, profitable growth.”
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