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Express increases earnings by 9.1%

Press Release   •   Jun 20, 2003 17:11 CEST

Increased focus on debt reduction has resulted in improved earnings for Express Dairies.
On Monday, the company posted an operating profit before goodwill amortisation and operating exceptional charges of £37.3 million for the year ended 31 March. This represents an increase of 9.1% against £34.2 million for the same period last year.
”The company has succeeded in substantially reducing net debt by £65.5 million to £103.3 million. This is reflected in our improved financial performance and the company now proposes a dividend of 1.0 pence per share for the year,” said Sir David Naish, Chairman, Express Dairies. The accounts will be approved at the company’s Annual General Meeting.
Sir David also emphasised that the proposed merger between Express Dairies and Arla Foods plc is a logical extension of the company’s strategy.
”The proposed merger will create a broader based, full service UK dairy company with strong brands and the right management and financial resources to build value in the years ahead.”