Interim results announcement for the six months ended 30 September 2018



  • Revenue up 2% to £224.9m 
  • Adjusted profit before tax* up 13% to £22.7m; reported profit before tax of £17.8m 
  • Cathedral City and Clover deliver strong revenue growth of +7% and +9% respectively 
  • New product innovation across the business 
  • Pension surplus increased by £87m on an accounting basis since September 2017 
  • Cash generated from operations up 71% to £18.5m 
  • Net debt* reduced to £221.4m following the May 2018 share placing; 21% lower than September 2017 
  • Proposed interim dividend up 2% to 6.4 pence 
  • Full year expectations remain unchanged 
Financial Summary  
  Half year ended 30 September









Adjusted profit before tax*




Profit before tax1




Adjusted basic earnings per share




Basic earnings per share1




Pension surplus 




Net debt*2




Final dividend




*Alternative performance measures:
The Group uses alternative performance measures (APMs) as key financial performance indicators to assess the underlying performance of the Group. The APMs are widely used industry measures and form the measurement basis of key targets. Definitions of the APMs discussed throughout this document and a reconciliation to the equivalent statutory measure are detailed in Note 13.

1 Including an exceptional cost of £4.9m (2017: exceptional gain of £131.4m recognised primarily for the reduction in pension scheme liabilities). 

2 For a reconciliation of net debt, refer to note 9 of the interim financial statements. 

All comparative figures in the interim results announcement relate to the six months ended 30 September 2017.  

“We have delivered a good first half performance driven by our two largest brands, Cathedral City and Clover. Demand for our Functional Ingredients continues to grow.

“Innovation continues to shape the business and we have recently launched exciting new products in all of our categories. We understand the importance of staying ahead of the market and ensuring we are meeting consumers’ needs. Food provenance, health and wellbeing are core themes which we will continue to focus on.

“Our investment at Davidstow is progressing as planned. We are pursuing a number of opportunities to take Cathedral City into new international markets as well as deepen its penetration into existing domestic channels, capitalising on its status as one of the UK’s top ten brands according to YouGov. We are confident in delivering our expectations for the full year.”

Mark Allen, Chief Executive

For further information, please contact:

Dairy Crest
Tom Atherton
01372 472264

Kate Goode
01372 472236

Tim Danaher / Alison Lea
0207 404 5959

A video interview with Mark Allen and Tom Atherton is available from the investor section of the Group’s website www.dairycrest.co.uk/investors. There will be an analyst and investor meeting at 09:00 (UK time) today at The Lincoln Centre, 18 Lincoln’s Inn Fields, London, WC2A 3ED. An audiocast of the presentation will be available on the Group's website later today.

View the full press release