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they have decided to sell liquid business only for £80. ultimately monopoly commission will have last say whether the sale of milk will be allowed or not. whole transition could take 12 to 18 months.
Dairy Crest today announces its intention to sell it's dairy operations to Muller Wisemans
Buy shares of Dairy Crest, Danny Fortson recommended in the Sunday Times. The dairy producer has had a rough time as exports to Russia have dried up and supermarkets have cut milk prices but the company is cutting costs and boosting marketing of Cathedral City cheese and Frijj flavoured milk drinks. Falling oil prices could cut energy costs and increase consumer spending power. With a 6% dividend yield now could be the time to buy and wait for the recovery, Fortson advised in his Inside the City column.
Any idea why the rise? Is it just a bounce off the bottom or are we expecting news? It appears to be a consolidating market, maybe a takeover?
I see that DCG are due to drop out of the FTSE 250 and into the Small Caps, the £3.50 estimate may come true, but if it does I'm buying in, one to watch.
Ticking up again now Taken form IC article 20th August 14 Dairy Crest's (DCG) recent partnership with Fonterra marks a first, historic foray into the global market. Since its foundation in 2001, New Zealand co-operative Fonterra has become the world’s biggest dairy exporter, accounting for over a fifth of the international trade. Under the partnership, Dairy Crest is investing £45m in the manufacture of de-mineralised whey powder, the base ingredient in infant formula, from its cheese factory at Davidstow in Cornwall. It is ploughing a further £20m into the production of galacto-oligosaccharide, a lactose-based prebiotic widely used in infant formula. Fonterra will offer technical support and market and sell both products.
350p on the way
no divi til next year either.
then it might be worth a look.
Looks like the news they may be entering the chinese market is why it's rising so much in the last 2 days...
Come on my radar, with a good div and now at a 12 mnth low, so yield getting even better. Just wondered on the prospects.
Some hefty buys going through in the last couple of days, and back to back days of upwards trends, is something expected here?
Dairy Crest buys specialist milk business Proper Welsh MilkDairy Crest is today announcing that it has bought the small specialist milk business Proper Welsh Milk. The business and assets have been acquired from the administrators BDO LLP for £325,000. Proper Welsh Milk was created in 2011 and invested over £1 million in a new dairy on the site of the former Whitland Creamery in Carmarthenshire. It now employs around 40 people and packs local milk for Tesco, Marks and Spencer and a number of other customers. It has recently started supplying milk enriched with vitamin D which contributes to strong bones. Proper Welsh has been hit by cash flow problems and went into administration on 1 March 2013. Dairy Crest is committed to supporting dairy farming in Wales and is one of the country's biggest milk buyers. However until now all of its Welsh milk has been packed in England. Commenting on the acquisition, Mark Allen, Chief Executive of Dairy Crest, said: "We are delighted to be the new owners of this business which we believe has a bright future. Our priority is to maintain supply to customers and use this modern dairy in a strong milk field to help us to develop new products, such as vitamin enriched milk. We welcome the employees of Proper Welsh Milk to Dairy Crest and look forward to working with them." Simon Girling, Joint Administrator of BDO LLP added "We are pleased that this important facility in the local community has been preserved, and can now enter a new era with confidence, with the support of an industry major."
Board changes Alastair Murray, the group's Finance Director of nearly 10 years, has announced his intention to leave the firm to pursue other business interests. He will step down in May. Murray will be succeeded by Tom Atherton, previously Dairy Crest's Director of Financial Control for the past four years. "The reorganisation announced today continues the decisive changes made by the Dairy Crest management team over recent years to optimise the company's position in a competitive sector," said Chairman Anthony Fry. "Alastair has been a Finance Director of the highest quality with an excellent reputation both within the business and outside. I have been fortunate as Chairman to have had someone who has contributed so much to the company, for which he has my personal thanks as well as that of all my board colleagues. He leaves Dairy Crest with our very best wishes for his future." The company also announced that the Managing Director of its Diaries division, Toby Brinsmead, is to leave at the end of next month. In a separate statement, the firm announced that it has managed to keep hold of its contract to supply milk to supermarket giant Sainsbury's for another three years.
Dairy Crest announced a 'reorganisation' of the company on Tuesday morning, which includes targeted cost savings and a number of senior management changes. The dairy foods group said that after a series of of disposals over the past few years, it now has the opportunity to "simplify the business further". As such, it will consolidate its organisation into a single structure "focused on consumer-driven growth with an integrated supply chain". "The new organisation, focused on consumers and customers, will facilitate best practice, eliminate duplication and maintain Dairy Crest's strong focus on profit delivery.� Annual cost savings of at least �5.0m are anticipated." After the reorganisation, Diary Crest will continue to report its results for Cheese, Spreads and Dairies separately.
FTSE 250 dairy foods company Dairy Crest has managed to keep hold of its contract to supply milk to supermarket giant Sainsbury's for another three years, the company announced on Tuesday morning. After a competitive process, the company said that it retained the contract from February 2014 until 2017. Dairy Crest said that although the conditions of the contract will change, any financial impact will be offset by its ongoing cost reductions. The company said earlier this month that it was on track to exceed its annual cost savings target by delivering £23m for the year ending March 31st. "We are delighted to have retained our Sainsbury's business," said Chief Executive Mark Allen. "Our track record of making efficiencies allows us to supply our customers with competitively priced milk, pay our farmers a fair price and move towards our medium-term target of 3.0% return on sales in our Dairies business."
Retains the Sainsburys milk contract and announced that there will be a re-org to simplify the business and ultimately remove cost. Any views?
Dairy Crest Group: JP Morgan moves target price from 450p to 455p keeping an overweight rating. UBS revises target price from 360p to 390p and reiterates a neutral rating.
The sale of its French branded spreads business St Hubert strengthened Dairy Crest's financial position. The cash from the transaction will be used to supplement growth and make targeted acquisitions in the future. Mark Allen, Chief Executive of Dairy Crest, said: "Dairy Crest has delivered a solid performance in the third quarter. "The sale of St Hubert has significantly strengthened Dairy Crest's financial position, and has provided a strong foundation for the future. We still hope to use some of the proceeds to supplement the organic growth that our brands continue to deliver, but we are determined that any acquisition must deliver strong returns for shareholders. "We do not currently anticipate that any significant acquisition will be made in the near future, and accordingly we have identified a number of internal capital projects to support the continue
Dairy Crest continued to milk revenues in the third quarter despite a challenging market environment and production setbacks. The UK dairy foods company said it was trading in line with expectations with sales volumes up 4.0% across its key brands Cathedral City, Country Life, Clover and FRijj for the last nine months of 2012. However, it represents a slowdown from the double digit increases seen in the first six months of the year. The company blamed tougher comparatives it has been trading against in the quarter. "This year has been a tough one for dairy farmers with poor weather and high animal feed costs making production difficult and expensive," Dairy Crest said in a statement. "With the support of our customers we have paid more to our farmers to help them overcome the challenges they have faced, and to encourage them to continue to provide us with high quality British milk." The FTSE 250 group added it was on track to delivering savings around £23m this year, aided by strong performance from new products launched in recent years.
Dairy Crest Group: Panmure Gordon takes target price from 410p to 430p and downgrades from buy to hold. Peel Hunt raises target price from 420p to 440p keeping its buy recommendation.
Dairy Crest Group: JP Morgan increases target price from 404p to 450p and stays with an overweight rating.
Starting to get vertigo. Keep going Dairy Crest!!!