Lower borrowings and interest rates led to a reduced finance charge for the period, said the company. “Our five key brands have all showed strong growth,” it said in a statement.
In the past year, Dairy Crest has been trying to cut costs and reduce debt: “We have focused on cash management in the first six months of the year and our borrowing at 30 September will be below those at 31 March 2009,” the company said, adding that seasonal increases in cheese production usually mean borrowings rise in the first half of the year.
Dairy Crest chief executive, Mark Allen, said: “This has been a strong six months for Dairy Crest. In the autumn of last year, we made it clear that we would continue to invest in our brands, control our costs and focus on cash generation to lower our debt. We believed this was the best strategy to meet the changing economic environment. Against this background, we’ve made good progress and Dairy Crest is well positioned for the future.
“Looking forward, we intend to maintain this strategy. We’re confident that it will be successful and will continue to deliver shareholder value.”
Interim results for the six months ended 30 September 2009 will be announced on 12 November 2009.
Source: Dairy Crest
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