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Robert Wiseman costs hit profit

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Date: Monday 12 May 2008

LONDON (ShareCast) - Scottish dairy group Robert Wiseman warned that a combination of cost and revenue pressures will "disappointingly impact profitability in the current year."

Soaring energy prices, rising wage costs and delays in increasing selling prices are expected to hit profits by around £8.5m this financial year, the group said in today's company update.

Robert Wiseman also reported adjusted operating profit of £38.4m, up 10.1% for the year ended 29 March 2008. Turnover increased by 19.3% to £722m.

Net debt came in lower than company expectations at £39.5m compared with £7.7m the year before.

Chairman Alan Wiseman said, "Despite short-term margin pressures, we are confident that the business is in good shape with the Bridgwater facility now operational. We strongly believe this will provide us with the platform to continue our successful growth in the period ahead."

A full year dividend of 14p per share has been recommended, an increase of 16.7%.

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