Shares in Dairy Crest fell by more than a quarter after the maker of Cathedral City cheese and Country Life butter issued a profit warning because of surging prices in the raw milk markets and a weakening consumer outlook.
Mark Allen, Dairy Crest’s chief executive, said it was clear consumers were changing their purchasing habits.
"They are buying more on promotion than they do on conventional full-price sales. That’s had an impact and we feel it’s going to continue."
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