Profits at Robert Wiseman Dairies tumbled by almost a third in the past year.
The dairy giant said operating profits slumped by 29.7% for the year to 2 April to £35.3m – down from £50.3m for the previous term.
Total sales for the period were up 3.5% to £917.5m, buoyed by new business including a 10% hike in supply volumes to Tesco. Group debt was reduced from £21.1m in 2010 to just £4.9m.
“We continue to make progress in very challenging economic and market conditions,” said executive chairman Robert Wiseman.
“Despite oil-related headwinds our business remains strong, profitable and cash-generative. We are focused on reinforcing our position as the most efficient company in the fresh milk sector.”
Wiseman appoints Jones to new role working with Tesco (7 May 2011)
Wiseman and Dairy Crest cut debt amid tough trading (31 March 2011)
Robert Wiseman squeezes out Dairy Crest in milk deal with The Co-op (16 March 2011)