(Reuters) – Britain's Dairy Crest Group Plc said on Thursday its full-year adjusted profit to March rose 5 percent but revenue fell 1 percent with margins on its butters, spreads and oil business hit by higher input costs during the period. Dairy Crest said overall revenue from its four key brands such as Cathedral City, Country Life, Clover and Frylight were down 6 percent for the year ending March 31. The company said total revenue fell 1 percent to 416.6 million pounds ($539.08 million), while adjusted profit before tax before exceptional items, amortisation and pension interest was up 5 percent at 60.6 million pounds. The average farm-gate milk price in Britain rose 22 percent year-on-year in March to 27.46 pence per litre, according to data from the Department for Environment, Food and Rural Affairs. Inevitably this has impacted margins in our butters, spreads and oils business," it said.
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JOHANNESBURG May 18 South Africa's Investec reported a 17 percent rise in annual profit on Thursday buoyed by its asset management and specialist banking businesses. "The Asset Management and Wealth and Investment businesses have benefited from higher funds under management supported by rising market levels," the company said in a statement. (Reporting by TJ Strydom; editing by Jason Neely) It raised its full-year dividend to 23 pence per share from 21 pence a year earlier. Investec, which is also listed in London, said adjusted earnings per share (EPS) for the year to end-March rose to 48.3 pence from 41.3 pence a year earlier.
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Dairy Crest full-year pretax profit drops 11%
LONDON--Dairy Crest Group PLC (DCG.LN) on Thursday reported 11% drop in fiscal 2017 pretax profit, but a rise on adjusted basis, and said good progress and momentum seen in the last six months has continued in the new financial year. Dairy Crest has declared a final dividend of 16.3 pence per share, giving a total payout for the year of 22.5 pence per share, up from 22.1 pence paid a year ago. Profit, before tax and exceptional items, rose 5% to GBP60.6 million. The company, which owns Cathedral City, Country Life, Clover and Frylight cheese and butter brands, recorded pretax profit of 40.3 million pounds ($52.15 million) for the year ended March 31, down from GBP45.4 million in the year ago period, on a revenue of GBP416.6 million and GBP422.3 million, respectively. Write to Tapan Panchal at tapan.panchal@wsj.comJOHANNESBURG May 18 South Africa's Investec reported a 17 percent rise in annual profit on Thursday buoyed by its asset management and specialist banking businesses. "The Asset Management and Wealth and Investment businesses have benefited from higher funds under management supported by rising market levels," the company said in a statement. (Reporting by TJ Strydom; editing by Jason Neely) It raised its full-year dividend to 23 pence per share from 21 pence a year earlier. Investec, which is also listed in London, said adjusted earnings per share (EPS) for the year to end-March rose to 48.3 pence from 41.3 pence a year earlier.
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