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Key financial data

Financial Highlights

  • Sales volumes up 9.1% to a record 1.77 billion litres (2009: 1.62 billion)
  • Turnover increased by 4.5% to £886.2 million (2009: £847.7 million)
  • Operating profit up by 43.1% to £50.3 million (2009: £35.1 million)
  • Adjusted* operating profit up by 37.8% to £48.4 million (2009: £35.1 million)
  • Adjusted* operating profit per litre of 2.74ppl (2009: 2.17ppl)
  • Earnings per share up by 445.5% to 50.13p (2009: 9.19p)
  • Adjusted** earnings per share up by 48.3% to 47.22p (2009: 31.84p)
  • Full year dividend of 18.00p per share, an increase of 20% (2009: 15.00p)
  • Cash generated from operations up 23.6% at £83.1 million (2009: £67.2 million)
  • Net debt reduced to £21.1 million (2009: £25.8 million)

Operational Highlights

  • Partnering with Tesco to double processing capacity available for filtered milk to assist growth in their Tesco Pure product range.
  • Three year extension to Sainsbury’s contract to October 2013.
  • 116 million litres per annum of additional business with The Co-operative Group commenced in June 2009 and a further volume gain of 30 million litres per annum will become effective from August 2010.
  • Bridgwater dairy production capacity increased to 375 million litres per annum equivalent on time and on budget.
  • Work commenced at Bridgwater to increase capacity to 500 million litres per annum at cost of £10.0 million, with completion expected in November 2010.
  • New depot at Amesbury commenced operations in November 2009.
  • Planned expansion of raw milk reload depot at Market Drayton at a cost of £1.5 million.

* Adjusted is the unadjusted operating profit less a one-off credit of £1.9 million in respect of the reduction to the regulatory penalty provision.

** Adjusted is the unadjusted earnings per share less the impact of a one-off credit in the current year of £1.9 million in respect of the reduction to the regulatory penalty provision, less a credit of £0.3 million related to the fair valuing of the interest rate swaps. In the prior year there were one-off adjustments in respect of a deferred tax charge of £17.1 million arising from a change in legislation to phase out Industrial Buildings Allowances, tax credits of £2.1 million and the expense related to the fair valuing of the interest rate swaps of £1.8 million.

Note: The 2010 financial year was a 52 week period in comparison to the 53 week period in 2009.