ROBERT Wiseman Dairies has posted a 42 per cent fall in pre-tax profit for the first half as it continued to be hit by input price inflation, and said a tough economy was making it more difficult to recover these increased costs.
The Scottish dairy group, which has grown from a humble beginning in Robert Wiseman Senior’s family farm in East Kilbride, said it was hurt by three increases in the amount paid for raw milk since March 2011 and by rises in other costs.
The company supplies nearly a third of fresh milk consumed in Britain daily, according to its website.
“We will remain focused on reducing costs to protect our margins for the remainder of the year,” Robert Wiseman said in a statement yesterday.
Inflation in Britain hit a three-year high in September, driven by soaring gas and electricity bills, adding to the severe squeeze on Britons’ living standards.
For the six months ended 1 October, the company’s pre-tax profit was £11.8m, compared with £20.2m last year. Turnover increased one per cent to £457.7m.
City A.M. Reporter