17 Jul 2018 07:00
17 July 2018
Dairy Crest Group plc ("Dairy Crest")
AGM and Trading Update
Dairy Crest is issuing the following Trading Update for the three months ended 30 June 2018 ahead of its Annual General Meeting which will be held later today.
Trading performance
Trading in the first quarter has been in line with our expectations and our outlook for the full year remains unchanged.
Combined sales revenues of Dairy Crest's four key brands - Cathedral City, Clover, Frylight and Country Life - were 6% higher than the same period last year. This was driven by the ongoing outperformance of the Company's two largest brands, Cathedral City and Clover, which both grew revenues by 10%.
Mark Allen, Chief Executive, commented:
"2018/19 has started as we expected, with our two most important brands, Cathedral City and Clover, delivering a strong performance. While the butter market remains challenging, our spreads portfolio continues to go from strength to strength, demonstrating the benefit of our diversified portfolio. Our Functional Ingredients business is becoming more established and the customer base continues to build.
"Innovation is the cornerstone of this business and we expect to announce several new product launches before the end of 2018. Following the May capital raise our balance sheet is more robust and our expectations for the full year remain unchanged."
ENDS
Dairy Crest's Annual General Meeting will be held today at 12 pm at the offices of Eversheds LLP, 1 Wood Street, London EC2V 7WS.
Dairy Crest expects to issue its half-yearly trading update on 17 September 2018 and its Interim Results for the six months ending 30 September 2018 on 7 November 2018.
For further information:
Dairy Crest
Tom Atherton 01372 472264
Kate Goode 01372 472236
Brunswick
Tim Danaher / Alison Kay 020 7404 5959