Dairy Crest Group Plc. (DCG.L) Thursday reported a pre-tax loss for the first half of the year, amid reduced revenues owing mainly to lower milk volumes in the Dairies segment.
The firm reported a pre-tax loss of 7.8 million pounds compared to a pre-tax profit of 22.4 million pounds last year. Adjusted pre-tax profit slid to 21.9 million pounds from 25.1 million pounds.
The company incurred exceptional restructuring costs of 29.7 million pounds, compared to such costs of 2.7 million pounds last year. However, a post-tax profit of 47.7 million pounds was recorded on the disposal of St Hubert in August that led to a profit after tax for the just concluded half-year.
Profit for the period climbed to 49.3 million pounds from 29.9 million pounds. Earnings per share grew to 36.2 pence from 21.9 pence.
Group revenue dropped to 688.2 million pounds from 739.1 million pounds, excluding the discontinued St Hubert business sold in August. The revenue drop reflects lower milk volumes in the Dairies segment. Total sales of the four key brands - Cathedral City, Country Life, Clover and Frijj - were up 11 percent, driven primarily by increased volumes of 10 percent.
The directors declared an interim dividend of 5.7 pence per share, unchanged from 2011.
Mark Allen, Chief Executive, said, ''Despite the challenging environment we have continued to grow our key brands. We have reduced our cost base and made improvements to our Dairies business. We expect this to benefit future profitability. We remain confident that full year performance will be in line with our expectations."
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