Nick Hasell
Vote for your Favourite Beauty Products
Days after Robert Wiseman gave warning on profits, Dairy Crest has deepened the gloom on its sector. Shares in the mid-cap food producer fell by a quarter after it cautioned that full year profits would miss forecasts.
Its problems are three-fold. Increased discounting by retailers, lower ingredients prices (especially skimmed milk powder), and the difficulty of generating profits from the sale of surplus property. That uncomfortable combination of pressures on the bottom line is a marked deterioration from the outlook given at the end of September, when the company simply alluded to increasing uncertainty in the second half of its financial year.
At 250p, the shares trade on just 5 times forecast earnings and yield 10 per cent. However, with net debt of £475 million - greater than its stockmarket value - and profit growth stalled, that is not obviously cheap. Avoid.
Industry sectors news at a glance. Interactive heatmap, video and podcast
Get ready for the winter sports season, with our resort guides and snow reports
We are backing British business, what is the confidence of the nation and what businesses are succeeding?
In this special section we explore a different way to enjoy Las Vegas
An island of beauty and contrast, this unspoilt Mediterranean isle is the perfect holiday destination
Enjoy further reading from Travel to Fashion, Business to Sport, discover more
2010
£110,950
Oakham
2010
£109,390
Derby
The best policy at the
best price
Be Wiser Insurance
2009
£24,995
Circa £4k pa
Sentinel
Basingstoke, London
C.200K PA+PERF. RELATED PAY
Wandsworth Borough Council
London
£8k/£12k c2/c3 days per month
The Orbit Group
Midlands & South East
Competitive salary
Barclays Financial Planning
Nationwide
Enjoy an exquisite location at the foot of Diamond Head in a traditional Hawaiian beach house lifestyle.
£6,593,400 GBP
Award-winning riverside development, SW11.
Luxury apartments for sale from £350,000.
Find out more about our luxurious apartments and houses for sale in the heart of Sussex.
-30% off key ready properties in Cyprus with guaranteed fast and easy finance. Prices from 89,000 Euros!
Includes flights, private transfers and 9 nights’ accommodation with FREE breakfast and room upgrade in KL
For the best Mediterranean, Caribbean & Last Minute cruise deals visit IgluCruise now.
Cruise from only £59 per night!
£200 discount per couple on all packages for completed stays between 7th April-20th June 2010.
Chef, maid & babysitter easily arranged. Book with the specialists.
Contact our advertising team for advertising and sponsorship in Times Online, The Times and The Sunday Times, or place your advertisement.
Times Online Services: Dating | Jobs | Property Search | Used Cars | Holidays | Births, Marriages, Deaths | Subscriptions | E-paper
News International associated websites: Milkround
Copyright 2010 Times Newspapers Ltd.
This service is provided on Times Newspapers' standard Terms and Conditions. Please read our Privacy Policy.To inquire about a licence to reproduce material from Times Online, The Times or The Sunday Times, click here.This website is published by a member of the News International Group. News International Limited, 1 Virginia St, London E98 1XY, is the holding company for the News International group and is registered in England No 81701. VAT number GB 243 8054 69.