Dairy Crest Group Plc (DCG.L) reported Thursday a loss for its fiscal year, compared to prior year's profit, hurt by impairment charges associated with its dairies business. Adjusted profit remained nearly flat due to cost pressures, despite higher revenues.
For the year, the company recorded a loss before tax of 10.1 million pounds, compared to prior year's profit of 77.8 million pounds. Adjusted pre-tax profit, which excluded items, was 87.4 million pounds, nearly flat with last year's 87.6 million pounds, amid challenging trading conditions.
The company noted that it maintained adjusted profits despite facing inflationary cost pressures by making annualised cost savings and achieving selling price increases.
Adjusted basic earnings per share increased 5 percent to 49.4 pence.
Revenue for the year increased 2 percent to 1.63 billion pounds from last year's 1.61 billion pounds, mainly driven by strong growth in food segment supported by continue progress from key brands.
Commenting on the results, Dairy Crest Chief Executive Mark Allen said, "Dairy Crest's results for the year demonstrate the continued benefit of being a broadly based business. Double digit growth in our branded Spreads and Cheese businesses has offset unsatisfactory results in Dairies."
Further, the company said it proposed a final dividend of 14.7 pence per share, 4 percent higher than last year.
Going forward, the company said it will continue to take decisive strategic action and proactively shape Dairy Crest for the long-term.
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by RTT Staff Writer
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