Dairy Crest has announced a sharp dip in overall profits and revenue as it felt the effects of the dairy commodity downturn over the past year. Profit before tax was down 59 per cent to £22.1 million and revenue dropped 4 per cent to £1.33 billion in the year to March 31. The results show a clear divide between the firm’s cheese and spreads division, which saw a 19 per cent increase in product group profit to £66.9 million, and its dairies division division, which saw group profit fall 90 per cent to £1.8m. In November, Dairy Crest agreed to sell its dairies division to Muller subject to regulatory approval, which is progressing. Read more.