Diary Crest reported on Tuesday an increase in profits of 24 per cent, to £96.1 million, for the full year to 31 March 2008. Revenue for the company was up 20 per cent to £1,569.7 million.
Adjusted earnings per share were also up 17 per cent to 57.1 pence per share, while the total dividend for the year was up seven per cent to 24.4 pence.
The company also reported a year end net debt of £474.8.
Dairy Crest said that its results were helped by most of its key brands increasing their market share and strong growth. The company also said it had significantly raised prices of its products to offset high raw milk and commodity cost inflation.
Mark Allen, chief executive of Dairy Crest, said, We have delivered a strong set of financial results. These have benefited from the strategic moves made over the last eighteen months. Most of our key brands in the UK and France, including Cathedral City, Country Life Spreadable, Utterly Butterly, St Hubert Omega 3, Petits Filous and Frubes have increased market share with double-digit sales growth. In addition Clover is on track to recover strongly this year. In our Dairies division we have made progress and improved manufacturing efficiencies.