LONDON (dpa-AFX) - British dairy company Dairy Crest Group plc (DCG.L) Thursday said it recorded good results in its third quarter and that the outlook for the full year remains in line with expectations.
In its trading update for the quarter, the company said its key brands - Cathedral City, Clover, Country Life and Frylight - all delivered strong volume and revenue growth.
On a combined basis, the four brands generated revenue growth of around 10% for the third quarter and 6% for the nine months.
In line with expectations, Cathedral City had a particularly good third quarter. Both volume and revenue grew by around 10%.
Dairy Crest's spreads brands continue to gain market share. Frylight returned to double digit volume and revenue growth in the quarter, although over the nine month period the brand declined due to the challenging first half of the year.
The company noted that there is significant uncertainty around Brexit and the impact of a potentially disorderly exit is hard to predict. Whilst its supply chain and customer base are primarily located in the UK, the company said it is taking steps to reduce exposure, including accelerating the purchase of ingredients and packaging materials.
Mark Allen, Chief Executive of Dairy Crest, said, 'Our key brands have delivered exceptional performance in the third quarter with all four generating both volume and revenue growth. Demand for our functional ingredients is also increasing, with positive implications for price.'
Dairy Crest will issue its Preliminary Results for the year ended March 31 on May 23.
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