LONDON (Alliance News) - Dairy Crest Group PLC on Tuesday said sales in its four key brands in the first half of its financial year were in line with last year and that its expectations for the full year remain unchanged.
The dairy company said that two of its four key brands Cathedral City and Frylight have continued to perform strongly in the six months ending September 30, while Clover and Country Life sales have fallen in a challenging butter and spreads market.
Dairy Crest said it expects performance in Cheese and in Spreads and Butters to be weighted to the second half of the year, with first-half profit anticipated to be behind that of last year.
Dairy Crest added that the sale of its Dairies operations to Muller UK & Ireland Group LLP is expected to complete by the end of 2015, and once completed should benefit the company's year-end net debt.
"Dairy Crest is well positioned for long-term profitable and sustainable growth with strong accompanying cash generation," Chief Executive Mark Allen said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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