Dairy Crest is celebrating its 20th year as a public company this month. To mark the occasion Dairy Crest’s Chief Executive Mark Allen and Finance Director Tom Atherton officially “Opened the Market” at the London Stock Exchange this morning. The ceremony took place at 8am. Mark Allen, Dairy Crest’s Chief Executive, was on hand to start trading for the day.
Since it was originally floated in 1996, Dairy Crest has evolved from a supply-driven, commoditised business to a lean, branded and added value business. Today’s business has industry-leading margins and derives nearly all of its income from its market-leading brands and added value products, including the nation’s favourite cheese brand Cathedral City. Having grown from retail sales of just £12 million in 1996 to almost £300 million today, Cathedral City is a great British success story.
Mark Allen, Dairy Crest’s Chief Executive said, “I’m very proud that twenty years on from our original listing, Dairy Crest continues to thrive as a listed British dairy company. During that period we have adapted and taken bold decisions to transform the business and ensure that our future prospects are more exciting than ever. Our strategy of de-risking the business and pursuing sales in branded and added value markets continues to work. Our market-leading brands and growing presence in new, high growth markets through our infant formula business will underpin future growth and attractive returns for shareholders.”
“I would like to thank everybody who has been involved with the company and contributed to its success over the last 20 years, including our colleagues, farmers, customers and shareholders.”
Farming Minister George Eustice commented: “I am committed to helping our dairy industry improve its competitiveness so it can take advantage of the growing demand for British dairy produce at home and abroad.
“Dairy Crest is a thriving business and it’s fantastic to see them celebrating 20 years since being first listed on the stock exchange.
“By diversifying their business and offering products such as cheeses and butters, as well as their investment in infant formula which is opening up new export markets, they are set to build on this success.”
