Dairy Crest's first loss as deliveries drop
The drop in demand for home milk deliveries and supermarket competition has caused Dairy Crest to post its first annual loss as a public company, after a £81.7m writedown.
It is closing bottling plants in Cambridgeshire and Aintree, but said its food business growth remains strong.
Dairy Crest took a £70.7m writedown on the value of the dairy arm and an £11m charge for the cost of closing the plants. That led to a pre-tax loss for the year to 31 March of £10.1m. But the foods business, including the flavoured milk drink Frijj, brought a 2 per cent rise in sales to £1.6bn for the year.
Mark Allen, the chief executive, 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 the aim is for dairy, which makes up two thirds of revenue, to become a "smaller but more profitable" area of the business.
International Women's Day 2014: The shocking statistics that show why it is still so important
Malaysia Airlines: Search for true identity of passengers with stolen passports launched as terrorism concern grows
Singapore sting: Sky-high prices are pushing locals to the edge of affordability
International Women’s Day: 'When a man gives his opinion, he's a man. When a woman gives her opinion, she's a bitch' - feminist quotes from female icons to inspire you
Dead woman's body found sitting in a car after six years after direct debits ran $54,000 bank account dry
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
White people become less racist just by moving to more diverse areas, study finds
Exclusive: Impact of immigrants on British workers ‘negligible’
- 1 International Women's Day 2014: The shocking statistics that show why it is still so important
- 2 Orgasm machine to deliver climax at the push of a button
- 3 Dear 'The Sun', breast cancer isn't sexy
- 4 Singapore sting: Sky-high prices are pushing locals to the edge of affordability
- 5 Liam Neeson turned down James Bond role because late wife Natasha Richardson said she wouldn't marry him if he took it
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...