Dairy Crest to sell dairy assets

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Dairy Crest Group, Britain’s largest dairy food company, posted a 95 per cent slump in first-half profit and said it has agreed to sell the assets of its dairies operations to Müller UK & Ireland Group for £80m.

The sale, which is expected to take several months, will protect long-term employment and help reduce costs and increase efficiency, Dairy Crest said in a statement on Thursday.

The maker of Cathedral City cheese and Country Life butter said profit before tax fell to £900,000 in the six months to September 30 from £19.7m last year, hit by a loss in the dairies business, which accounts for 70 per cent of its revenue.

Revenue rose one per cent to £682.1m.