Dairy Crest Group PLC Trading Update (3968D)
January 31 2018 - 1:00AM
UK Regulatory
TIDMDCG
RNS Number : 3968D
Dairy Crest Group PLC
31 January 2018
31 January 2018
Dairy Crest Group plc ("Dairy Crest")
Trading Update
Dairy Crest is today issuing a Trading Update for the nine
months ended 31 December 2017.
The outlook for the full year remains in line with our
expectations.
Total revenue for the Group was well ahead of last year for the
nine month period. This was driven by a combined strong performance
from the company's key brands, Cathedral City, Clover, Country Life
and Frylight. Together, they delivered revenue growth of 7% for the
first nine months of the year.
Cathedral City has delivered another good quarter. We recently
launched a fresh TV sponsorship campaign and Cathedral City
Spreadable won 'Product of the Year 2018' in the UK cheese category
of the world's largest consumer survey award for product
innovation.
All of Dairy Crest's spreads brands - Clover, Utterly Butterly,
Vitalite and Willow - continued to gain market share. Growth in
Frylight remains strong going into the fourth quarter driven by a
significant increase in the number of distribution points across
the UK. Country Life volumes continued to come under pressure from
the considerable increase in the cost of cream over the last year.
The cream price has fallen in recent months and Country Life
promotional activity will pick up in 2018.
Sales of our functional ingredients - demineralised whey powder
and galacto-oligosaccharide ('GOS'), both used in the growing
global infant formula market - are progressing well. We continue to
research uses of GOS beyond the infant formula market.
Mark Allen, Chief Executive of Dairy Crest, commented:
"We have seen strong growth across our key brands, with
Cathedral City, Clover and Frylight performing well and all of our
spreads brands increasing market share. I am delighted that
Cathedral City Spreadable, one of our more recent innovations, was
voted 'Product of the Year 2018' in the cheese category by
consumers.
"We continue to build the customer base for our functional
ingredients business and we will talk in greater detail about this
in May."
Dairy Crest will issue its Preliminary Results for the year
ended 31 March 2018 on 23 May 2018.
For further information:
Investors/Analysts
Tom Atherton Dairy Crest 01372 472264
Kate Goode Dairy Crest 01372 472236
Media
Tim Danaher/Alison
Kay Brunswick 020 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
END
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