1 May 2001
Express abandons final dividend
By FWI staff
EXPRESS Dairies has abandoned a final dividend, cutting its payout to shareholders by 60% in the year, reports the Financial Times.
The group cited uncertainties over raw milk production from food-and-mouth and wet weather in announcing its cut to 3.38p from 8.48p last time.
The 3.38p interim dividend, announced last year, would be the basis for dividend policy, said Express Dairies.
In March the company warned that profits for 2000-01 would be about 43m instead of market expectations of 48m.
The FT reports that this is the first time Express Dairies has had to do this since it was spun from Northern Foods in 1998.