May 18, 2017 / 7:19 AM / 2 months ago

BRIEF-Dairy Crest posts FY adjusted profit before tax up 5 pct

2 Min Read

May 18 (Reuters) - Dairy Crest Group Plc

* Final dividend up 2 percent to 16.3 penceper share

* Preliminary results

* FY adjusted profit before tax 1, 2 up 5% to £60.6m

* Cathedral City returns to volume growth in second half - strong momentum in 2017/18

* Frylight, clover and country life spreadable all grow volume and increase market share

* Demineralised whey production meets targeted levels of infant formula grade

* FY revenue at £416.6m down 1%

* FY net debt at £249.8m, +9%

* FY profit before tax at £40.3 million , down 11%

* In first nine months of financial year cheese retail prices fell or remained stable

* Since christmas, however, we have seen evidence of prices increasing on shelf

* Butter has been even more affected than cheese.

* Inevitably this has impacted margins in our butters, spreads & oils business.

* Managing volatility is a challenge for both us and food retailers, our principal customers.

* "during course of year we have increased price we pay farmers for milk by 38% to 30 pence per litre"

* FY adjusted profit before tax (before exceptional items, amortisation of acquired intangibles and pension interest) increased by 5.0% to £60.6 million

* Proposed final dividend of 16.3 pence per share represents an increase of 0.3 pence per share Source text for Eikon: Further company coverage:

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