Dairy crest announce a pre-tax profit increase of 7% and year end debt down by 82% from £336m to £60m. The company is now looking for growth in the UK either internally or through acquisitions. This is on the back of the successful sell off its French St Hubert spread business last year.

The company report that operating highlights include the continuing growth in sales of Cathedral City and that Clover and Country Life have both gained market share.


Commenting on the results, Mark Allen, Chief Executive, Dairy Crest Group plc said:


"This has been an important year in the history of Dairy Crest. The sale of our French spreads business and subsequent restructuring of our balance sheet has strengthened our financial position and leaves us well placed to invest for growth in the UK, either internally or through acquisitions.

"In line with our long term strategy we have continued to manage proactively the business and remain focused on driving efficiencies. Taken together, our four key brands have increased their market share in the face of falling UK consumption.  We have also started to restore profits in our Dairies business.

"Dairy Crest is today a more streamlined business, and all three of our product categories have encouraging medium-term profit growth prospects. Whilst we expect the consumer environment to remain subdued, we have strong foundations in place and trading in the current financial year has started in line with our expectations."