UPDATE 3-Robert Wiseman Dairies H1 profit rises, ups dividend

Mon Nov 16, 2009 2:31pm GMT
 
Email | Print | | Single Page
[-] Text [+]

* Says confident of FY results * Declares interim div of 5.75p vs 5.0p last yr * Says well placed to grow volumes, improve oper margins

* Invests 25 mln stg in Bridgwater dairy, Amesbury depot

* Shares rise as much as 1.5 percent (Recasts; adds details on net debt, updates share price)

By Tresa Sherin Morera

BANGALORE, Nov 16 (Reuters) - Scottish dairy group Robert Wiseman Dairies (RWD.L) posted an 81.5 percent rise in first-half pretax profit, aided by volume gains after rival Dairy Farmers of Britain (DFOB), a milk cooperative, was placed into receivership.

Robert Wiseman Dairies said it remained confident about its results for the year and raised its interim dividend by 15 percent to 5.75 pence.

"We've seen a period in which about 150 million litres per annum equivalent volume of milk moved across to us and that's largely because of the demise of the DFOB," company spokesman Graeme Jack told Reuters.

Dairy Farmers of Britain (DFOB), which supplied about 10 percent of UK milk output, was put into receivership in June. [ID:nL813531]

"The group benefited from the collapse of DFOB to gain new customers. This also helped offset some volume loss with Tesco," said Numis analyst Nicolas Ceron, who has an "add" rating on the stock.  Continued...

 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos