UK milk processor Robert Wiseman Dairies surpassed one billion litres of milk in its latest set of figures – not bad for a business which began life as a one-man delivery round in East Kilbride a little over half a century ago.
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Turnover for the year to the end of March came in at £391m (US$625.8m) (against £371.1m in the previous year) and pre-tax profits were £22.8m (£16.5m). Earnings per share rose to 20.15p (14.56p).
Chairman Alan Wiseman, the founder’s son, said that April figures indicated an additional 12% growth was achievable during the year in progress, reported the Financial Times. Wiseman announced a 25% rise in underlying like-for-like profits and a 38% rise in the headline figure.
Wiseman expressed frustration that the company has not got a better rating. Part of the reason is the continuing inquiry by the Office of Fair Trading into a possible abuse of its dominant position in the supply of fresh milk to Scottish retailers. While the inquiry found in favour of Wiseman, the process has been held up by Express Dairies’ appeal against the ruling.
Wiseman now accounts for 20% of the UK milk market, and expects to boost this to 25% over the next five years.
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By GlobalData
