Robert Wiseman Dairies has blamed the multiples’ shake up of milk supply contracts for a dip in pre-tax profit of 15.3% to £24.7m in the year to April 2.
But it said Morrisons’ decision on May 5 to rationalise its liquid milk supply base - a shake-up in which Wiseman was cut out - marked a turning point.
Chairman Alan Wiseman said: “We believe that with all the major retailers now having made their decisions about supply, we can look forward to greater stability.”
In the past year, Wiseman picked up new business from Sainsbury and Tesco. However, Wiseman’s contract with Asda ended in November, and the new deals did not kick in until late January for Sainsbury and April for Tesco.