Dairy Crest’s turnover down in 2003

UK – Dairy Crest’s turnover was down 3% in 2003 compared to the previous financial year, the company has announced.

High levels of industry cheese stocks have contributed to a slight depression in the industry, and although the excess is falling it is expected to continue to affect margins in the first half of this financial year.

The company hopes that its acquisition of St Ivel Spreads from Uniq will lead to a stronger performance in the second half of the year, and claims that the closure of its Chard facility will have little impact on its profits.

Its preliminary results also revealed a 4% increase in adjusted profit before tax, taking the figure to