date:Jul 19, 2012
cola Mallard said:Stripping out this high EV/EBITDA business from the group leaves the rest of the business looking lowly valued, although we assume the market is applying different ratings to the Food and Dairy operations.
Anthony Fry, Dairy Crest chairman, said the firms trading wasin line with expectations.
Fry reported that trading in the first quarter had been challenging, particularly in the dairies business.
Profitability
As expected it has been a difficult quarter for our dairies bu