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Dairy Crest butters up investors with strong first-quarter update

The cheese and butter maker remains on track to hit full-year expectations after a strong start to its financial year which has seen sales of its two largest brands rise by more than 10%
cheese board
The butter market has been challenging for Dairy Crest, but cheese and spreads has been better

Cathedral City cheese maker Dairy Crest Group PLC (LON:DCG) is on track to hit its full-year expectations after a solid start to the year.

Combined sales of its four key brands – Cathedral City, Clover, Frylight and Country Life – were 6% higher in the three months ended June 30 compared with the same period last year.

READ: Dairy Crest shares drop as it launches placing to fund Cathedral City brand growth

Dairy Crest’s two largest brands, Cathedral City and Clover, were the standout performers, with both businesses growing revenues by 10%.

“2018/19 has started as we expected, with our two most important brands, Cathedral City and Clover, delivering a strong performance,” said chief executive Mark Allen.

“While the butter market remains challenging, our spreads portfolio continues to go from strength to strength, demonstrating the benefit of our diversified portfolio.

“Our Functional Ingredients business is becoming more established and the customer base continues to build.

He added: “Innovation is the cornerstone of this business and we expect to announce several new product launches before the end of 2018. Following the May capital raise our balance sheet is more robust and our expectations for the full year remain unchanged.”

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