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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:9646I Dairy Crest Group PLC 20 March 2003 20 March 2003 Dairy Crest Group plc Site Visit and Year-end Trading Update Dairy Crest, the UK's premier chilled dairy foods company with leading brands, Clover, Cathedral City, Frijj and the Yoplait brands is today taking analysts to its "super dairy" at Severnside, Gloucestershire. Severnside Severnside, which is now fully operational, is capable of processing 500 million litres of milk per annum. The completion of the investment at Severnside and the closure of the Kidlington dairy operations represented the final step in the restructuring and capital investment programme following the acquisition of Unigate's dairy and cheese business in July 2000. Severnside, together with the Group's other "super dairy" at Chadwell Heath, which opened in 2001 will give the Group significant competitive advantage in the challenging retail liquid milk market. Severnside produces a range of regional NRC and organic fresh milks, Frijj, added value milk shakes and potted cream. Trading Update In accordance with the practice established at the half year the Group is providing the following trading update ahead of its financial year-end: "The strong performance of Clover, Cathedral City, Frijj and the Yoplait brands has continued throughout the year with all showing good volume growth and increasing market share. The integration of the St Ivel Spreads business, acquired in November 2002, is going well and since completion the combined spreads business has performed ahead of expectations. We reported in the Interim Statement that margins in the cheese business were under short-term pressure due to high industry wide cheese stocks. These have remained at a high level for longer than expected but stocks are now approaching more normal levels. The #41 million net investment in our creamery at Davidstow, Cornwall is on track to be completed in Spring 2004, which will support the continuing growth of the Cathedral City and Davidstow brands. Trading conditions in the retail liquid milk market have been challenging, however the business's performance has improved in the second half in line with expectations. Our household business has performed well. As expected the ingredients business has performed ahead of last year despite the results being adversely impacted in recent months by the appreciation of the Euro against the Pound and reductions in milk supply to this business. The interest charge has benefited from the reduction in interest rates and the proceeds of #27 million from the disposal of the Westway and Marshfield sites. Overall adjusted Group profit before tax (before exceptional items and goodwill amortisation) for the year ending 31 March 2003 is expected to be in line with expectations." Preliminary results for the year ending 31 March 2003 will be announced on 10 June 2003. For further information, please contact: Dairy Crest Group plc 01372 472200 Drummond Hall, Chief Executive Ian Laurie, Finance Director Sinead Noble, Corporate Communications Citigate Dewe Rogerson 020 7638 9571 Andy Cornelius / Alexandra Scrimgeour NOTES TO EDITORS Dairy Crest is the UK's premier chilled dairy foods company with leading brand 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, and dairy-based ingredients. 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 gives Dairy Crest 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 from Heinz. Dairy Crest is the UK's largest purchaser of raw milk, processing over 2.5 billion litres p.a. and is the market leader in doorstep deliveries in southern England. The Group is also the leading British producer of dairy ingredients, such as butter, skimmed milk powder and whey-based products, which it supplies to major UK food manufacturers. This information is provided by RNS The company news service from the London Stock Exchange END TSTILFFDVIIALIV
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