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Key financial data

Financial Highlights 2011

  • Turnover increased by 3.5% to £917.5 million (2010 : £886.2 million)
  • Operating profit decreased by 29.7% to £35.3 million (2010 : £50.3 million)
  • Adjusted * operating profit decreased by 22.8% to £37.4 million (2010 : £48.4 million)
  • Earnings per share decreased to 39.02p (2010 : 50.13p)
  • Adjusted ** earnings per share decreased by 21.0% to 37.32p (2010 : 47.22p)
  • Dividends declared of 18.00p per share (2010 : 18.00p)
  • Net debt reduced by £16.2 million to £4.9 million (2010 : £21.1 million)

Operational Highlights 2011

  • Tesco volumes increased by circa 10% from December 2010
  • Contract to supply 100% of The Co-operative Group own label milk from August 2011
  • Three year extension to Sainsbury's contract from October 2010
  • Bridgwater dairy capacity increase to 500 million litres per annum completed on time and within budget
  • Closure of Okehampton dairy and Cupar depot as part of targeted cost savings
  • Expansion of Market Drayton milk reload depot to be completed Summer 2011
  • Wiseman Milk Group farm gate milk price increased by 2.4 pence per litre in the year

* Adjusted to remove restructuring costs of £2.1 million (2010 : One-off credit of £1.9 million arising from a reduction to a regulatory penalty provision removed)

** Adjusted to remove restructuring costs of £1.5 million (net of tax) (2010 : £Nil), the gain of £0.5 million (net of tax) in respect of the fair valuing of interest rate swaps (2010: £0.2 million), the reduction to a regulatory penalty provision of £1.9 million in 2010 and a credit of £2.2 million from changes in tax legislation (2010 : £Nil).