UK: Wiseman Milk Profits Down

The falling price of milk has cut the profits of Scotland's biggest dairy company, Robert Wiseman. The East-Kilbride-based firm has announced profits for the year to 1 April down from £19.4m to £17.9m, following a difficult second six months. Turnover rose from £257.2m to £286.7m. The fall is being attributed to Wiseman having to cut by an average of 7% the price at which it sells its milk. However, chairman Alan Wiseman said the group was confident of its strategy and long-term future and believed profits would recover in the forthcoming year. During the results period, Wiseman was the target of a three-month Competition Commission inquiry into its position in the milk market in Scotland.