Latest results

INTERIM RESULTS ANNOUNCEMENT

Dairy Crest, the UK's leading dairy company, today announces its unaudited results for the six months ended 30 September 2009:

Half year ended 30 September

Financial Highlights:

2009

2008

Change

Revenue:

£803.7m

£808.2m

-1%

Profit before tax:

£34.0m

£28.4m

+20%

Adjusted profit before tax*:

£38.1m

£35.1m

+9%

Basic earnings per share:

18.6p

4.7p

+296%

Adjusted basic earnings per share *:

20.1p

19.7p

+2%

Operating cash flow **

£58.6m

£13.3m

+341%

Half year net debt:

£380.4m

£490.6m

-22%

Interim dividend:

5.3p

7.1p

-25%

* before exceptional items, amortisation of acquired intangibles and pension interest.

**cash generated from operations less capital expenditure

Strong first half performance

  • Strong cash generation
    • - Operating cash flow improved by £45 million
    • - Half year net debt lowest for three years
  • Continued brand growth
    • - 10% increase in sales of five key brands
    • - Cathedral City annual retail sales exceed £200 million for the first time
  • Good growth in other added value markets
    • - 50% growth in retailer own-label fresh flavoured milk sales
  • Continued focus on cost reduction and efficiency improvements
    • - Further rationalisation of glass bottling capacity planned, building on decisive action taken last year
  • Reduced risk
    • - Defined benefit pension scheme closing to future accrual