Wiseman Dairies reports lower annual profit

Source: Stock Market Digital

Date :12/05/2008 11:17:01

Robert Wiseman Dairies Plc, Scotland’s largest provider of fresh milk, has announced that unadjusted operating profit is down by 11.3 percent to £31.6 million.

The company reported that an accumulation of cost and revenue pressures in recent months are due to impact the company’s profitability in the current year. As a result of rising milk costs, revenue rose 19.3 percent to a record £722 million, with revenue per litre of liquid milk sold averaging 47.6 pence per litre.

Operating profit

The company had to take account of a £6.8 million regulatory penalty agreed with the Office of Fair Trading. As a result of the fine and other re-organisational costs, operating profit fell by 11.3 percent to £31.6 million. However, adjusted operating profit was up 10.1 percent to £38.4 million.

Wiseman Dairies has created a new facility at Bridgwater which is ready to commence operations.

Alan Wiseman, company Chairman, said, “We are very pleased with the fantastic facility we have created at Bridgwater, which we believe to be the most modern, efficient and environmentally advanced fresh liquid dairy in the world.”

He added, “Despite short-term margin pressures, we are confident that the business is in good shape with the Bridgwater facility now operational. We strongly believe this will provide us with the platform to continue our successful growth in the period ahead.”

May 12, 2008