May 15, 2006

British dairy announces increase in profits and rapid expansion

Robert Wiseman Dairies reported a 6 percent increase in full-year pretax profit on Monday and gave a positive assessment of the year ahead, the company said in a statement.

The company announced profit before tax at GBP 26.7 million (US$50.4 million) in the year to Apr 1, compared to GBP 25.2 million (US$47.5 million) a year earlier.

Despite high energy costs, the company maintains an optimistic outlook and is anticipating further stability in the sector.

The company also acquired the fresh milk business of Definitely Devon in March this year.

In addition, it gained planning permission last week for a large new dairy in Bridgwater.

The company said the GBP 46 million (US$86.8 million) dairy would process about 200 million litres of milk a year, to supply its southwest market.

Meanwhile it had secured extra business from Somerfield supermarkets over the last six months, and it would start supplying milk to the One Stop chain of 500 convenience stores from June.

Robert Wiseman Dairies was valued at around GBP 252 million (US$475 million).