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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Dairy Crest | LSE:DCG | London | Ordinary Share | GB0002502812 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 620.50 | 619.50 | 620.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6054L Dairy Crest Group PLC 28 May 2003 28 May 2003 Dairy Crest Group ("Dairy Crest") reduces commodity ingredients exposure Dairy Crest, the UK's leading chilled dairy foods company, today announces plans to significantly reduce its commodity dairy ingredients business with the closure of part of its operations at Chard, Somerset. Production of skimmed milk products and bulk butter, largely for the commodity dairy ingredients market, is likely to cease around 9th July 2003, resulting in approximately 80 job losses. Ingredients customers will continue to be served from the Group's existing butter and powder facility at its Severnside super dairy in Gloucestershire. Dairy Crest will continue to invest in the development of its alcoholic butters, creams and sauces business, with manufacturing remaining at Chard. The closure is expected to result in exceptional cash costs of c #4 million and exceptional non-cash asset write downs of c #15.5 million. Net of tax, the total exceptional cost is estimated at c #14 million. In addition, there will be a cash realisation, estimated at c #6 million, as a result of destocking. Drummond Hall, Chief Executive, Dairy Crest Group plc, said: "The closure of butter and powder operations at Chard is in line with our strategy to increase our focus on developing our added value and branded businesses and will significantly reduce our exposure to the commodity ingredients market. "While we regret these job losses, during the last year significant new butter and powder capacity has come on stream, which has made it increasingly difficult to source the required level of milk at a commercially realistic price. However, by retaining the facility at Severnside, we will continue to have the ability to balance our milk supply efficiently and to supply premium products to our major ingredients customers. We will also continue to invest in developing our added value alcoholic butters, creams and sauces business. " The closure of the butter and powder facility at Chard will significantly reduce the size of our ingredients business and is expected to have a broadly neutral impact on the Group's profits, excluding exceptional items, for the year ending 31st March 2004, whilst improving the overall quality of the Group's earnings." Preliminary results for the year ended 31st March 2003 will be announced on 10th June 2003. - Ends- For further information: Dairy Crest Group plc Tel: 01372 472200 Drummond Hall, Chief Executive Ian Laurie, Finance Director Sinead Noble, Corporate Communications Manager Citigate Dewe Rogerson Tel: 020 7638 9571 Andy Cornelius, Alexandra Scrimgeour NOTES TO EDITORS 1. Dairy Crest Dairy Crest is the UK's premier chilled dairy foods company with leading positions across the dairy market - dairy spreads, cheese, liquid milk, fresh flavoured milk drinks, fresh dairy products (yogurt, fromage frais, chilled desserts), through our Yoplait Dairy Crest joint venture. The company focuses on building leadership positions in branded and added-value markets and its portfolio of brands includes: * Cathedral City, Davidstow and Wexford cheese brands which make Dairy Crest the leading supplier of mature cheddar in the UK. The company is also the UK's largest producer of Stilton. * Clover is the brand leader in the dairy spreads segment and Frijj is the brand leader in the fresh flavoured milk drinks market. Dairy Crest is also a major producer of Country Life packet butter and Country Life Spreadable, Willow dairy spread and the recently launched Argento, an olive oil based spread. * Dairy Crest acquired the St Ivel Spreads business in November 2002 with its strong portfolio of well-known brands including Utterly Butterly, St Ivel Gold, Vitalite and Carapelli. The acquisition has provided Dairy Crest with a presence in every major sector of the UK spreads market. * Dairy Crest is a leading supplier of fresh dairy products through the Yoplait Dairy Crest joint venture with its brands Petits Filous and Frubes, together with ranges including Wildlife and Weight Watchers. Dairy Crest is the UK's largest purchaser of raw milk, currently processing around 2.5 billion litres pa and is the market leader in doorstep deliveries in southern England. This information is provided by RNS The company news service from the London Stock Exchange END STRBGGDUBUDGGXI
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