Dairy Crest Group Plc. (DCG.L), a dairy foods company, Thursday reported a pre-tax loss of 0.4 million pounds, narrower than prior year's loss of 41.7 million pounds. This was mainly due to inclusion of exceptional items of 56.5 million pounds for this year, compared with 93.9 million pounds last year.
Adjusted profit before tax for the year was 50.6 million pounds, a 7 percent increase from 47.5 million pounds reported a year ago.
Post taxation, the reported group profit for the year increased to 54.5 million pounds from a loss of 17.1 million pounds last year. The company's result for this year included a profit from the sale of its French spreads business, St Hubert.
Including the impact of exceptional items, the basic earnings per share from continuing operations was nil pence per share, compared with 29.1 pence loss per share last year. Adjusted basic earnings per share increased 3 percent to 29.9 pence per share from prior year's 28.9 pence per share.
Revenues for the full year excluding sale of St Hubert decreased 8.8 percent to 1381.6 million pounds, from 1514.7 million pounds last year. The company pinned the decline to lower sales in the dairies business. The spreads business declined due to lower average realizations on Clover and butter and reduced sales of Utterly Butterly, the company said in a statement. Cheese business revenues slightly increased.
The company further proposed a final dividend of 15 pence per share, and together with an interim dividend of 5.7 pence per share the total dividend for the year amounts to 20.7 pence per share, a 1.5 percent increase than last year. The final dividend is payable on August 1 to shareholders of record on June 28.
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