Wiseman Shares Lose 26 Percent

Shares in Scottish-based dairy business Robert Wiseman are down by more than a quarter today after it said tough competition in the milk market will wipe GBP7 million off it's financial year operating profits to April 2011. A further GBP16 million will disappear in the FY ending in 2012, it added, following "recent intense competitive pressures across all sectors of the market."

Just after noon Wiseman shares stood at 360p - down 125.5p, or 26%, on the day.

Shares in Dairy Crest were also down sharply.

That doesn't bode too well for further milk price increases to help pay the rising feed bill does it?