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Wiseman milking the profits

ROBERT Wiseman Dairies has reported a jump in full-year pre-tax profits of 60 per cent to a record £49.2m.

The firm said the results had been boosted by a rise in cream prices and a £1.9m cut in a fine imposed by the Office of Fair Trading (OFT).

Meanwhile, Alan Wiseman has announced he will step down from the company in July and be replaced as chairman by his brother, Robert.

Wiseman produces almost one third of the fresh milk consumed in the UK and supplies supermarkets including Tesco and J Sainsbury, where the company has sealed a deal to supply more milk.

The company achieved record sales in the year to 3 April, increasing the number of litres sold from 1.62bn to 1.77bn. A fine imposed on the dairy group by the OFT relating to an investigation into price fixing was reduced from £6.1m to £4.2m.

Alan Wiseman said: “While the group has recently benefited from higher cream revenues, there is no certainty that these will recur.

“In the absence of a reversal in recent increases in plastic and fuel costs, then consideration will need to be given as to how the impact of these cost increases can be mitigated.” Robert Wiseman will move from chief executive to executive chairman when his brother leaves the role after the company’s annual meeting in July. Meanwhile, finance director Billy Keane will take on the role of managing director.