A strong appetite for Cathedral City cheddar and higher prices helped boost the performance of Dairy Crest, which reported an underlying 17 per cent rise in food sales in the third quarter.

However, net debt is set to increase as a result of the strengthening euro. Dairy Crestexpects net debt to be about £30m higher than previously thought by the year end. Net debt at the half year in September was £458.5m. The shares closed down 48½p at 481½p.