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Get your free copy25 May 2012, 10:29 AM
- Dairy Crest has posted its first annual loss as a public company due to a drop in home milk deliveries and supermarket competition
The company lowered the value of its dairy operations by £70.7 million and spent £11 million closing down two bottling plants in Cambridgeshire and Aintree, resulting in a £81.7 million writedown.
There was growth in other areas of the business, however, with food brands such as Frijj growing by two percent with annual sales of £1.6 billion.
Mark Allen, chief executive of Dairy Crest, said, “We are pleased with the results. Dairy has obviously had a tough time but we are still investing in key areas including Frijj. The food business has been excellent and our brands are strong.”
He added that there were plans for dairy to become a smaller but more profitable part of the company. It currently accounts for two thirds of revenue.
