Dairy Crest said it was operating in a challenging trading environment and was loss-making in the period. It is blaming downward pressure on fresh milk selling prices and weak commodity markets for the poor outlook.
However, the group said that overall profits are broadly in line for the year, due to the proceeds from the sale of delivery depots.
Sales of their key brands, such as Cathedral City cheese, were up 4% in the first quarter, compared with the same period last year.
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In order to save £20m this year, it plans to close a glass bottling dairy in London and a cream potting facility in Somerset. The two sites currently employ 260 people. A butter and spreads factory at Crudgington will also close.
Shares are down almost 30% since January.
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Dairy Crest said it was operating in a challenging trading environment and was loss-making in the period. It is blaming downward pressure on fresh milk selling prices and weak commodity markets for the poor outlook.
However, the group said that overall profits are broadly in line for the year, due to the proceeds from the sale of delivery depots.
Sales of their key brands, such as Cathedral City cheese, were up 4% in the first quarter, compared with the same period last year.
In order to save £20m this year, it plans to close a glass bottling dairy in London and a cream potting facility in Somerset. The two sites currently employ 260 people. A butter and spreads factory at Crudgington will also close.
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