Dairy Crest Group PLC AGM and Interim Management Statement (3102L)
July 18 2017 - 2:00AM
UK Regulatory
TIDMDCG
RNS Number : 3102L
Dairy Crest Group PLC
18 July 2017
18 July 2017
Dairy Crest Group plc ("Dairy Crest")
AGM and Interim Management Statement
Dairy Crest is issuing the following Interim Management
Statement for the 3 months ended 30 June 2017 ahead of its Annual
General Meeting which will be held later today.
Trading performance
Trading in the first quarter was in line with expectations and
the outlook for the full year remains unchanged.
Combined sales volumes of Dairy Crest's four key brands -
Cathedral City, Clover, Frylight and Country Life - are 7% ahead of
the same period last year. Cathedral City, Clover and Frylight have
all grown strongly; in particular, Cathedral City volumes are up
15% on last year.
Cream prices, which determine input costs for the butter
business, have increased substantially during the first quarter.
This will put pressure on margins in our butter business. We have
reduced our promotional activity on Country Life, which is
adversely impacting volumes but mitigates some of the margin
pressure.
Mark Allen, Chief Executive, commented:
"The year has started well and our branded business has
delivered good growth in the first quarter. The functional
ingredients business continues to progress well and new customers
are being signed up. We still expect that the profit contribution
from this business will be second half weighted.
"Dairy Crest is well positioned for long-term sustainable profit
growth. Despite the pressure on butter input costs, the strong
performance of our cheese business means that our expectations for
the year remain unchanged."
ENDS
Dairy Crest's Annual General Meeting will be held today at 12 pm
at the offices of Eversheds LLP, 1 Wood Street, London EC2V
7WS.
Dairy Crest expects to issue its half-yearly trading update on
18 September 2017 and its Interim Results for the six months ending
30 September 2017 on 9 November 2017.
For further information:
Dairy Crest
Tom Atherton Group Finance Director 07725 828533
Brunswick
Oliver Hughes 020 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
END
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