Dairy Crest reported last Thursday a 9% increase in pre-tax profits for the 6 months to end September, with improved sales of cheese and spreads. Higher prices to farmers for milk put pressure on margins in the liquid milk business. Adjusted earnings per share were up 16% to 24.8p. The results were in line with expectations.
Land Securities announced the same day that it will go ahead with its London skyscraper, the Walkie Talkie, in spite of difficult economic conditions. Supply of office space is likely to be short in two or three years time. Net asset value of Land Securities was 863p to October, up from 826p in March. Earnings per share fell 16%, but the interim dividend was raised from 14p to 14.4p.
Risk warnings
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