Dairy Crest slims down its debts

Dairy Crest yesterday announced a seven per cent increase in pre-tax profits and an 82 per cent decrease in net debt, after divesting its French business and restructuring its balance sheet. The British dairy products company, which owns brands such as Clover and Cathedral City, posted a rise in pre-tax profit to £50.6m from £47.5m for the year. Net debt stood at £60m, down from £336m. The firm said it was well placed for growth.