Yazoo manufacturer FrieslandCampina has blamed a 15% fall in turnover on the economic crisis and falling demand for dairy.

The Dutch co-operative giant this week reported revenue down 15% to 4.1bn for the first half, with operating profits 9m below the same period last year at 110m. Weaker demand for ingredients and lower selling prices were behind the drop, the company said.

However, brands performed better, helping the Consumer Products Europe division to a 37m increase in operating profits for the period to 109m.