Cheese-maker Dairy Crest debts rise after cost of milk goes up
![Stinker: Cathedral City cheese maker Dairy Crest's debts have risen](http://web.archive.org./web/20170210000639/http://i.dailymail.co.uk/i/pix/2017/02/09/21/26CD05E300000578-0-image-a-13_1486676211661.jpg)
Stinker: Cathedral City cheese maker Dairy Crest's debts have risen
The maker of Cathedral City cheese and Country Life and Clover spreads has said it expects net debt to be 'somewhat' higher than the previous year due to rising milk and cream prices.
Dairy Crest said the price it pays to farmers for milk increased by 38 per cent to 8.28p per litre and that cream prices have remained high after more than doubling in the first half of the year.
The increased costs had a knock-on effect on balance sheets as cream prices determine the costs for its butter business, which accounted for more than 36 per cent of its sales for the year ended March 31.
As of then, the company's net debt stood at £229million.
Chief executive Mark Allen said: 'The outlook for the full year remains in line with expectations.
'The business has continued to make progress during the quarter.'
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