Express Dairies set for mergers

12 April 2012

EXPRESS Dairies has predicted further takeovers and mergers, despite the collapse of a £105m offer from Scandinavian rival Arla. Chief executive Neil Davidson said: 'Industry rationalisation will happen. There is serious overcapacity in the market to supply milk.'

The company lost £10m before tax for the year ended March, from a £15.6m pre-tax profit last time. The latest figures include nearly £31m of one-offs due to plant disposals. Express has cut 1,650 staff in the past year. Operating profit fell to £11.6m from £31.6m.

There was no dividend, but Davidson was confident market conditions were improving.

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