The Russian dairy products and fruit juice producer, Wimm-Bill-Dann, reported a 3.5% fall in first half profits from $23.19m to $22.41m. The company attributed the small slide in profits, which were still broadly in line with analysts' forecasts, to expansion costs.

Profits for the second quarter rose by 23% from $9.6m to $11.81m, slightly ahead of analysts' predictions. EBITDA increased from $46.03m to $46.70m on turnover 21.5% higher at $402.87m.

"We saw sales growth in the first half which reflects our efforts to increase scale and profitability," said Wimm-Bill-Dann CEO, Sergei Plastinin said. "As we expected, this brought about an increase in operating costs."