Dairy Crest spreads the risk with a payout knife

DAIRY Crest, the maker of Cathedral City cheese, took a knife to its dividend yesterday as the group pledged to keep cash for investment in its brands.

By The Newsroom

Published 19th May 2009, 01:00 BST

The firm, which also makes Clover spread and Country Life butter, announced a 25 per cent reduction in its full-year pay-out after recording an 8 per cent fall in adjusted profits to 79.5 million for the year to 31 March.

Dairy Crest said its leading brands achieved good growth in the period but, in light of an increased pension deficit and the sale of its 49 per cent stake in Dairy Crest Yoplait, the firm had reviewed its dividend policy.