Dairy Crest Announces Interim Results - November 2013


Dairy Crest today announces its unaudited results for the six months ended 30 September 2013:

Financial Highlights: 2013 20123 Change
Revenue: 1


£688.2m -2%
Profit / (loss) before tax 1 : £19.7m £(13.1)m n/a
Adjusted profit before tax: 1, 2 £21.9m £18.6m +18%
Basic earnings / (loss) per share 1 : 13.1p (7.0)p n/a
Adjusted basic earnings per share: 1, 2 13.1p 11.4p +15%
Half year net debt: £192.3m £75.8m +154%
Interim dividend: 5.9p 5.7p +3.5%

1 From continuing operations
2 Before exceptional items, amortisation of acquired intangibles and pension interest
3 2012 comparatives have been restated to reflect amendments to IAS 19R: Employee
Benefits. See Note 11 to the interim financial statements.

Steady first half performance in challenging trading environment

• Four key brands together deliver sales growth
• Annual cost savings ahead of £20 million target
• Interest savings as expected
• Interim dividend up 3.5%
• Whey project underway

Mark Allen, Chief Executive, said:

“Dairy Crest has had a steady first half. Despite the challenging environment we have continued to grow our key brands through innovation and reduce our cost base.
We have committed to an exciting whey project which will increase future profits and widen our customer base. This is a significant move for Dairy Crest which demonstrates our focus on growing the business in added value markets.
We remain confident that full year performance will be in line with our expectations.”

For further information:

Dairy Crest Group plc
Arthur Reeves 01372 472236

Tim Danaher / Max McGahan 020 7404 5959

A video interview with Mark Allen will be available from 07:00 (UK time) from the investor section of the Group’s website investor.dairycrest.co.uk.

There will be an analyst and investor meeting at 08.30 (UK time) today at The Lincoln Centre, 18 Lincoln’s Inn Fields, London, WC2A 3ED.

An audiocast of the presentation will be available from the investor section of the Group’s website

investor.dairycrest.co.uk later today.