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Robert Wiseman Dairies delivers interim results
Robert Wiseman Dairies has posted an 81.5% rise in first-half pre-tax profit, aided by higher volumes, and said it remained confident about its results for the year.
Financial highlights
- Sales volumes up 11.3% to 851.3 million litres (2008: 765.3 litres).
- Turnover increased by 7.0% to £423.9m (2008: £396.3m).
- Operating profit increased by 62.4% to £21.6m (2008: £13.3m).
- Operating profit per litre 2.54 ppl (2008: 1.74 ppl).
- Earnings per share increased to 20.85p (2008: loss of 13.84p).
- Adjusted¹ earnings per share increased by 85.7% to 20.67p (2008: 11.13p).
- Interim dividend of 5.75p per share, an increase of 15% (2008: 5.00p).
- Net debt lower at £26.7m (September 2008: £50.2m).
¹ The figures are adjusted to eliminate changes in the fair value of interest rate swaps in each year and a one-off deferred tax charge of £17.9m in the prior year arising from a change in legislation to phase out Industrial Buildings Allowances.
“We’re pleased with the volume gains during the period and that we have delivered profits, on a pence per litre basis, consistent with the second-half of the previous year,” said Robert Wiseman. “With the completion of the investments at Bridgwater dairy and Amesbury depot, we’re well placed to continue the growth in volumes and to improve operating margins in the medium-term.”
Source: Robert Wiseman Dairies
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