In its latest interim management statement, issued today ahead of the company’s AGM, Wiseman said that trading in the 13 weeks to 2 July had been in line with management expectations.
The business had experienced unprecedented pressure on margins and significant increases in input costs over the past 12 months.
“Despite these pressures, we have continued to gain volumes and have achieved record levels of efficiency,” it said.
Diesel costs were 15% higher than the equivalent period last year and the cost of resin – used to produce plastic bottles – was 18% higher but bulk cream prices “have remained strong.”
Analysts at Shore Capital upgraded their recommendation from Sell to Hold off the back of “signs of stability in profitability.”
Profits crash at Robert Wiseman (17 May 2011)
Wiseman appoints Jones to new role working with Tesco (7 May 2011)
Wiseman and Dairy Crest cut debt amid tough trading (31 March 2011)